Accra, May 30, GNA - Standard Chartered Ghana has announced its best ever financial results in the past decade, indicating significant growth in operating profits and income.
The Bank said the underlying performance in 2013 was a testament to the Bank’s commitment to delivering on targets and deepening of its client-led strategy whiles ensuring a strong balance sheet.
Commenting on the result Mr Kweku Bedu-Addo, Chief Executive, Standard Chartered Bank Ghana said “Our overall performances in 2013 is an achievement we are very proud of as a Bank because it demonstrates that we are building a sustainable business with a healthy balance between the pursuit of profits and ensuring a robust risk management and compliance culture’’.
He said the performances showed an ever consistent diversification of income growth with a strong focus on the basics of banking and a concerted effort at strengthening its risk management, controls and compliance standards.
He said in spite of the adverse effect of the dollar liquidity squeeze in Ghana last year, the Bank’s continuous commitment to maximising shareholder value remained central to its strategy and was prominent in improving its revenue streams.
Standard Chartered Bank income rose 49 per cent to GH¢420 million while profit before tax increased by 60 per cent to GH¢273 million.
Wholesale Banking income grew by 59 per cent to GH¢267 million with an operating profit before tax by 60 per cent to GH¢203 million.
Consumer Banking income grew by 34 per cent to GH¢153 million with a profit before tax GH¢70 million, up by 63 per cent with Earnings per share (EPS) growing by 52 per cent to GHC¢1.77 with Return on Equity (ROE) at 43 per cent.
Mr Bedu-Addo said the Bank’s priorities in 2014 were to deliver business performance, consolidate organisation restructuring, improve operating efficiency, to raise the bar on conduct and develop the next generation of leaders in the bank.
He said the Bank remained focused on delivering strong profits and returns to investors despite the current headwinds in the economy.
“We have experiences a slowdown in business activity and there are more cmarket and liquidity issues to deal with. Our pursuit of growth under tough market condition needs to be balanced by equal emerging risks and threats to our business for effective management and mitigation,” Mr Bedu-Addo said.
He said the Bank would also focus on the re-organisation to improve operating efficiency by removing duplication of certain key functions and investing in scalable technology.
“We will digitise where possible while we simply streamline or align some local processes better with the rest or align some local processes better with the rest of the Standard Chartered Group,”Bedu-Addo said.
Shareholders approved a final dividend of GH¢1.15per share compared to GHC¢0.47 paid out in 2012.