Standard Chartered Bank Ghana Limited releases Third Quarter 2018 Results

Standard Chartered Bank Ghana Limited, has released  results for the period ending September 2018.

Highlights

  • Income of 7million up 10 per cent year on year
  • Profit before tax 8million down 24 per cent year on year
  • Captal Adequacy ratio of 29.2 percent
  • Average return on equity 18.5 per cent

The Bank continues to make steady progress on its strategy. Underlying operating income increased by 10 per cent to GHS539.7million from GHS490.1million recorded in September 2017.  Profit before tax of GHS249.8million declined by 24 percent from previous year resulting from impairment charge of GHS93.8million compared to prior years’ impairment recovery of GHS 18.2million.

The Bank posted a strong capital adequacy ratio of 29.2 per cent 14 percent above the regulatory requirement. Average return on equity was 18.5 per cent.

The client business segments revenue are trending positively over the last nine months evident by the increase in  liabilities  by 34 percent .

Commenting on the results Chief Financial Officer, Kweku Nimfah – Essuman, said, “ The Bank continues to be disciplined in its focus on sustaining a strong balance sheet, which remains structurally liquid, well diversified and conservatively positioned”. He added “our focus is on providing the right solutions for our clients’ needs and effectively engaging our clients at the right scale. We continue to invest in our digital and advisory capabilities”.