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Standard Chartered Bank Records 83% Half Year Profit

Standard Chartered Bank has announced a profit before tax of GH¢203 million for the first half of...

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Standard Chartered Bank Records 83% Half Year Profit
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Standard Chartered Bank has announced a profit before tax of GH¢203 million for the first half of the year, representing an 83 percent increment on the GH¢111 million that it recorded same period 2015 with earning per share rising by 105 percent to GH¢1.29.

The bank’s operating income also moved up by 18 percent from the GH¢252 million recorded in 2015 to GH¢297 million on the back of strong underlining business while prudent and efficient cost management led to a 26 percent reduction in operating expenses from GH¢104 million in 2015 to GH¢77 million for the period under review.

Impairment charges on the bank decreased by 55 percent to GH¢16 million as the bank continue to restructure and recover impaired assets.

Commenting on the results, Chief Executive Officer of Standard Chartered Bank Ghana Limited, Kweku Bedu-Addo, said, “Our first half results show that we are making steady progress in the execution of our strategy. We continue to pursue a recovery and restructuring of impaired assets, while maintaining the right financial framework to manage capital, liquidity and cost”.

Acting Chief Financial Officer, Kweku Nimfah-Essuman, commented: “The balance sheet will be continuously managed to ensure income growth momentum, cost efficiency, strong capital and liquidity base”.

The bank, in a statement copied to the B&FT indicated that the macro-economic environment for the first half of the year has been more stable relative to same period for the preceding two years.

“Even though the general economy remains quite fragile the medium term outlook remains positive. Our focus for the rest of the year is to continue to execute and deliver on strategic priorities as well as to invest in the business,” the statement read.

Accordingly, for the first half of 2016 the Bank recorded a Capital Adequacy ratio of 21% (inclusive of current year profits) and Return on Equity of 25%.

 

Credit: thebftonline 

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