Standard Chartered Bank Gains Robust Financial Growth

Standard Chartered Bank Ghana PLC has marked a significant turnaround in 2023, returning to profitability and demonstrating robust financial health.

The bank reported strong results, improved returns, and positive momentum across key metrics, reflecting the effectiveness of its strategic initiatives.

Standard Chartered Bank Ghana’s Return on Equity (ROE) surged to 45 percent, and its Capital Adequacy Ratio (CAR) stood at an impressive 27.7 percent, well above the regulatory threshold of 10 percent. These figures highlight the bank’s robust financial position and prudent management.

Ebenezer Twum Asante, Chairman of the Board of Directors, announced the announcement at the bank’s 54th Annual General Meeting that regulatory approval has been granted for dividend payments, with further details to be shared with shareholders soon.

“The various strategic actions we initiated to improve the resilience of our business to external shocks, such as tightening our risk and control measures, have positively impacted our results. We will continue to harness our key capabilities and the opportunities they present to deliver value in a strong, safe, sustainable manner” he said.

Sustainable Growth

Standard Chartered Bank Ghana he said remains committed to its purpose and brand promise of being “here for good” adding that, the bank is focused on transforming its operations to address structural inefficiencies and complexity, ensuring long-term growth and sustainability.

Asante reiterated the bank’s commitment to supporting clients and communities in anticipating and responding to economic and social challenges through its strategic pillars: Accelerating Zero, Resetting Globalisation, and Lifting Participation. These initiatives are designed to deliver positive impacts across the country.

“The board will ensure that management remains focused on the execution of the strategic priorities, maximizing opportunities while maintaining appropriate risk controls. We are confident that by applying our commitment to excellence and the ingenuity of our team, we will navigate the challenges and improve returns in a strong, safe, and sustainable manner.”

Commitment

Chief Executive Mansa Nettey on his part highlighted the bank’s role in collaborating to deliver impactful and scalable interventions to support vulnerable communities during challenging economic times. She noted that technological advancements, geopolitical shifts, and climate change are continually shaping national and global policies.

In this dynamic environment, the private sector, including Standard Chartered Bank, is well-positioned to influence these discussions and contribute to sustainable economic development.

“As a Bank, we will continue to augment the efforts of government and support our communities through thought leadership and community impact programmes, as well as the provision of funding and capital to where it is needed most,” Nettey stated.

The bank reported a 42 percent income growth over the previous year, reaching $1.72 billion. Operating costs increased by 33 percent to $582 million. Notably, the bank reversed a substantial impairment charge of $1.16 billion from 2022, recording a release of $220 million in 2023.

This led to a profit before tax of $1.36 billion, a significant turnaround from the $381 million loss in 2022.

“We believe these results signal the beginning of a sustainable recovery as we close the year with good momentum across our business segments,” Nettey commented.