StanChart records highest percentage growth in five years

StanChart records highest percentage growth in five years

Standard Chartered Bank Ghana Limited Standard Chartered Bank Ghana Limited, has today held its 2019 Annual General Meeting on the backdrop of being awarded Africa’s Best Bank for Transformation at the prestigious Euromoney Awards for Excellence 2020 that recognized the top financial institutions in banking and capital markets globally.

Standard Chartered Bank Ghana Limited was lauded for building a robust and resilient bank with strong returns, a feat that has been achieved through a strategic, deliberate and consistent transformation agenda that commenced in 2015.

Commenting on the awards, Chief Executive, Standard Chartered Bank Ghana Limited, Mansa Nettey said, “We are elated by this recognition Following the Bank’s reorganisation five years ago and subsequent announcement of our refreshed strategic priorities in 2019, we have made tremendous progress on our journey from turnaround to transformation, prioritising returns and investment into key areas of the bank’s operations and putting our clients at the centre of our processes.

Our focus is to grow sustainably, build long-term returns and deliver a differentiated proposition to our clients and stakeholders building on our purpose of driving commerce and prosperity through our unique diversity.

“We started 2020 on a good note with all businesses on a strong momentum prior to the outbreak of COVID-19. Although we’ve kicked off 2020 in a challenging environment, guided by our strategic direction, and united through our purpose, I am confident in our collective ability to rise to the occasion, weather the storm and emerge stronger for indeed, we are Here for Good”, Mansa Nettey further added.

At the Annual General Meeting to present the Annual Report and Financial Statements for the year ended 31 December 2019 to their shareholders, the Bank reported that the Underlying Operating income increased by 20 per cent year on year to GH¢853.0 million from GH¢712.9 million in 2018. This percentage growth is the highest for the past five (5) years.

Further, the Bank also reported that: 1.Operating income increased by 20 per cent to GH¢853 million from 2018 reported position.

2.Operating expenses increased by 15 per cent from GH¢286.3million in 2018 to GH¢329.0 million in 2019 as a result of increased spend on investment in technology and marketing activities to help drive the business and general price movements.

3.Impairment provision declined by a percentage point from GH¢100.8 million to GH¢99.9 million on the back of strong recovery strategies adopted.

4.Operating profit before tax was GH¢424.2 million, a 30 per cent improvement over prior year.

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