Ebenezer Twum Asante (M), Mansa Nettey (1st from left) with other Board members and management
Standard Chartered bank has recorded GH¢1.36 billion profit before tax with a positive growth across key metrics in 2023.
Within the period under review, the bank also posted income growth of 42% over the previous year to GH¢1.72 billion, operating cost of GH¢582 million which was 33% over the previous year while recording an impairment charge of GH¢1.16 billion in 2022 as a result of the Domestic Debt Exchange Programme (DDEP).
Addressing shareholders at the 54th Annual General Meeting held at the Bank’s headquarters in Accra, the Chief Executive, Mansa Nettey, said all that culminated in a profit before tax of GH¢1.36 billion compared to a loss of GH¢381 million in 2022.
She said in addition to its profit, the banks Return on Equity (ROE) increased to 45% and recorded Capital Adequacy Ratio (CAR) of 27.7% above regulatory threshold of 10% against the backdrop of tough external environment.
She said “as a result of the deliberate actions, throughout the year, we continued monitoring the developments within the macro economy to effectively align our country strategy. We observed strict adherence to our risk management framework while capitalizing on opportunities to sustain and support them to navigate the challenges.
She added that the bank’s network advantage also supported global trade and investment through financing payments, asset origination and risk management with an increasing focus on sustainable finance.
Chairman of the Board of Directors, Ebenezer Twum Asante, said various strategic actions initiated to improve the resilience of the bank’s business to external shocks, such as tightening our risk and control measures, positively impacted its results.
He also assured the shareholders of the bank’s readiness to continue to harness key capabilities and the opportunities they present in order to deliver value in a strong, safe and sustainable manner.
He stated that the bank will continue to support its clients and communities as it anticipates and responds to economic and social challenges to make meaningful impact across the country as well as collaborate with private sector to drive economic inclusion for sustainable growth.
By Ebenezer K. Amponsah