StanChart’s operating income shoots up

Mr. Bedu-Addo

Mr. Bedu-Addo

Standard Chartered Bank’s first quarter result has shown that its underlying operating income of GH¢150.6million shot up by 17 per cent from GH¢128.1miilion in 2015.

The bank’s operating profit also appreciated by 105 per cent to GH¢70.9 million from GH¢34.5 million in 2015.

A statement issued by the bank in Accra on Friday quoted the Chief Executive Kweku Bedu-Addo as saying “although our financial performance for the first quarter is strong, our growth strategy remains cautious as we continue to pursue our restructuring and recovery efforts”.

He said the bank’s performance in the first quarter was in line with management’s expectations.

“We continue to take actions to manage our portfolios, diversify our balance sheet, tighten our risk tolerances and reduce costs. Our impairment charges declined by 88 per cent from GH¢17 million in 2015 to GH¢2 million,as no new IFRS provisions were made during the period under review,” the chief executive said.

Mr. Bedu-Addo said: “The action we took to de-risk our loan book and to cautiously grow our assets is paying off. We remain focused on delivering our 2016 strategic priorities of maintaining the right financial framework through maintaining a strong balance sheet and generating attractive returns on capital.”

“Our commitment to the digital agenda and investment in technology is well underway. We are confident that as benign conditions return our performance will continue to improve in line with market expectations,” he said.

By Times Reporter

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