Stanchart records positive growth last year

Standard Chartered Bank Ghana Limited last year recorded positive growth after it faced a challenging year in 2015.

The bank last year posted a profit after tax of GH¢224.5 million, as against GH¢61.1 million figure recorded in 2015.

Total assets of the bank grew by 30 per cent from GH¢3, 369 million in 2015 to GH¢4,374 million in 2016.

Additionally, the income of the bank soared by 17 per cent from GH¢531.1 million in 2015 to GH¢620.8 million in 2016, while the interest income also year-on-year increased by 23 per cent from GH¢374 million to GH¢460 million in 2016.

The Chief Executive Officer of Standard Chartered Bank Limited, Mansa Nettey who disclosed this at the bank’s investor conference and session of the facts-behind-the figures in Accra, attributed the bank’s positive performance to the good strategies being pursued by management of the bank.

She said the digitalisation, rationalisation, investment in customers and clients and opportunistic assets growth strategies the bank initiated last year were beginning to yield positive results.

“I am excited about the 2016 performance and it is going to set the foundation for 2017,” Madam Nettey said.

She said last year was a bit challenging for the bank due to the energy crisis and the depreciation of the cedi.

Madam Nettey said the focus this year was to build a “resilient, robust balance sheet” and grow the loan book and the bank in line with “our strategy.”

She said the bank would pursue “opportunistic asset growth” and focus on the manufacturing, commerce and services sectors, adding the Small and Medium Scale Enterprise sector would feature prominently in the operations of the bank this year.

Asked if Standard Bank Ghana Limited had plans to cut its interest rate, Madam Nettey responded that the bank would do of if the economic condition of the country improves.

The Executive Director and Chief Financial Officer of Standard Chartered Bank Ghana Limited, Kweku Nimfah-Essuman said the bank was well  capitalised and liquid to take on any big ticket  project  and meet the financial needs of customers.

He said the bank was cautious in growing its loan book last year, adding that the huge Non Performing Loans (NPL) recorded last year was due to the bank’s over exposure to the manufacturing, commerce and industry sectors.

Mr Nimfah-Essuman said the bank was working closely with its clients to recover the loans advanced to them.

The Managing Director of the Ghana Stock Exchange, Mr Kofi Yamoah commended Standard Chartered Bank for its sterling performance for 2016.

By Kingsley Asare

 

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