Standard Chartered Bank Ghana Limited, yesterday held its 2018 Annual General Meeting to present the Annual Report and Financial Statements for the year ended 31 December 2018 to their shareholders.
- Underlying Operating income increased by 5 per cent year on year to GHc712.9 million from GHc676.8 million in 2017.
- We recorded an underlying operating profit of GHc325.6 million
- Operating expenses increased by 17 percent from GHc244.9 million in 2017 to 3 million in 2018
- Net customer loans and advances decreased by 6 percent from GHc1.38 billion to GHc1.30 billion This is attributed to loan write offs and derisking of our loan portfolio.
- Earnings per share was GHc1.54
- Capital Adequacy Ratio is 28.59 percent well above statutory limit
Commenting on the 2018 results Board Chairman of Standard Chartered Bank Ghana Limited, Dr. Emmanuel Oteng – Kumah said “Standard Chartered Bank Ghana Limited is a great organization with a rich heritage and legacy spanning over 120 years in Ghana. Our focus is to continue to harness the Bank’s potential to deiver value to our shareholders and clients and drive the economic development of Ghana.”
The Board declared dividend on ordinary shares of GHc1.04 culminating into GHc140m representing 20 per cent of total income for 2018.
Commenting on the results, Chief Executive, Mansa Nettey said, “Our focus is to maintain the right framework supported by a strong balance sheet, to generate significant returns while pursuing further recovery and restructuring of impaired assets.”
Chief Financial Officer, Kweku Nimfah- Essuman, commented, “We will focus on delivering sustainably higher returns for our clients and shareholders on the back of a stronger and more resilient balance sheet.”
Standard Chartered Bank Ghana Limited is Ghana’s premier bank established in 1896. It is part of a leading international banking group, with presence in more than 60 of the world’s most dynamic markets.