StanChart Ghana returns to profitability with strong financial performance

Standard Chartered Bank (SCB) Ghana PLC has reported a strong return to profitability, marked by significant balance sheet growth and positive momentum across key financial metrics.

The bank’s Return on Equity (ROE) has surged to 45%, while its Capital Adequacy Ratio (CAR) stands at an impressive 27.7%, well above the regulatory threshold of 10%.

Due to its solid capital position, the bank has received regulatory approval to pay dividends, with details to be announced to shareholders soon.

At the bank’s 54th Annual General Meeting, Chairman of the Board of Directors, Mr. Ebenezer Twum Asante, presented the Annual Report and Financial Statements for the year ending December 31, 2023.

He attributed the bank’s improved results to strategic actions aimed at enhancing business resilience against external shocks, such as tightening risk and control measures.

 “We will continue to harness our key capabilities and the opportunities they present to deliver value in a strong, safe, sustainable manner,” Asante stated.

The bank’s commitment to its purpose and brand promise of being “here for good” remains a cornerstone of its operations. Standard Chartered Bank Ghana continues to support its clients and communities in anticipating and responding to economic and social challenges. This support is delivered through the bank’s strategic stands: Accelerating Zero, Resetting Globalisation, and Lifting Participation, which aim to create a positive impact nationwide.

Chief Executive Mrs  Mansa Nettey emphasized the importance of collaboration to deliver scalable interventions supporting the vulnerable during challenging economic periods. She highlighted the evolving global trends such as technological advancements, geopolitics, and climate change, noting that the private sector plays a crucial role in shaping national and global policies to sustain economies and communities.

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

The bank reported the following financial highlights:

• Income growth of 42% over the previous year to GH¢1.72 billion.
• Operating costs of GH¢582 million, a 33% increase over the prior year.
• A significant release of GH¢220 million in 2023, following a huge impairment charge of GH¢1.16 billion in 2022 due to the Domestic Debt Exchange Programme (DDEP).
• Profit before tax of GH¢1.36 billion, a substantial turnaround from a loss of GH¢381 million in 2022.

SCB Ghana maintains a robust balance sheet, remaining liquid and well-capitalised.