‘SCB To Maintain Double Digit Growth’

BEDUStandard Chartered Bank says it will continue to improve upon its operations to maintain its strong growth performance.

“We expect growth to continue in double digits going forward — between 15-20 per cent growth.” Kweku Bedu-Addo, Chief Executive Officer of the bank said.

Speaking when the bank took its turn at the “Facts behind the Figures” programme at the Ghana Stock Exchange in Accra he said the strong organic growth of the retail business was creating the necessary confidence for new investment.

SCB posted strong revenue growth of 62.0 per cent year-on-year to GH¢374.66 million for the nine months ending September 30, 2013.

There was a significant improvement in operational efficiency as the cost-to-income ratio (CIR) fell to 30.4 per cent in September, 2013 from 46.2 per cent in September, 2012.

There was significant improvement in profitability as post-tax earnings grew by 80.4 per cent year-on-year to GH¢144.62 million in September, 2013 compared with GH¢80.19 million in September, 2012.

On the outlook for the bank he said, although, Ghana’s economy had experienced some stress during this year, the bank would continue to take a long term view of the country and its prospects.

Mr. Bedu-Addo said the bank would focus on supporting small- and medium-scale enterprises (SMEs) as the bank had the expertise in handling issues concerning SMEs.

“We want to focus on the SMEs and help grow the sector. We really want to see SMEs grow and we will focus on that,” he said.

Mr. Dayo Omolokum, the Chief Finance Officer of the bank, said: “The mining and oil and gas sectors demand huge capital, and we will continue to support these sectors. We want to grow but not too fast. We want to take risks but in an area we know.

“Going forward, there will be continued focus on balance sheet foundations. Profitability levels will remain strong to end of year. Dollar liquidity will remain a challenge but will not impair growth.”

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