Board and management members addressing shareholders at the annual general meeting
STANDARD CHARTERED Bank Ghana recorded a profit-before-tax of GH¢695 million in 2021, a modest 3 percent growth over its 2020 record.
Mansa Nettey, Chief Executive of Standard Chartered Bank Ghana, who disclosed this at the annual general meeting of shareholders yesterday in Accra, said “Our efforts yielded a revenue of GH¢1.7 billion in 2021. While this represents a modest 5 percent growth over 2020, it shows a consistent five-year trend of profitable and sustainable growth at a compounded annual growth rate (CAGR) of 12 percent.”
She continued that loan impairment eased from a provision of GH¢59 million in 2020 to a recovery of GH¢6 million in 2021 bolstered by provision releases on some legacy assets.
“Our balance sheet remained healthy and grew significantly by 26 percent from GH¢8.0 billion in 2020 to GH¢10.1 billion in 2021.
“By combining our local expertise and unparalleled international network, we offer our clients superior tailored propositions. We also connect local companies, institutions and individuals to global opportunities in some of the world’s fastest growing markets and facilitate the flow of capital to where it is needed most, driving trade and investment.”
Operating costs increased from GH¢288 million to GH¢383 million driven by a reversal of group support service charges that suppressed 2020 costs and investments in 2021 to ensure seamless work-from-home arrangement and the impact of inflation on general operating costs.
Board chairman, Dr. Emmanuel Oteng Kumah, in a statement, said overall, Standard Chartered Ghana’s financial results show experience of a strong underlying business resilience in the face of uncertainty and a bank that is tracking very well against its medium term financial and social targets.
“The bank remains profitable, highly liquid and well capitalised with capital adequacy ratio of 33.4 percent. We also posted strong return metrics during the period under review. Return on equity is 26.6 percent with earnings per share at GH¢3.23.
“The bank is recommending a dividend payout of GH¢2.57 per ordinary share for the 2021 financial year compared to GH¢1.74 paid out in 2020 representing a 48 percent increase.”
A business desk report