Standard Chartered Bank Ghana commits to long-term sustainable growth, economic inclusion  

Accra, June 30, GNA-Standard Chartered Bank Ghana PLC produced a strong set of results in 2023, which saw a return to profitability compared to the prior year. 

The Bank delivered strong results and improved returns alongside balance sheet growth and positive momentum across key metrics.  

Return on Equity (ROE) increased to 45 per cent and Capital adequacy ratio (CAR) stands at 27.7 per cent well above regulatory threshold of 10 per cent.  

“Given the Bank’s capital position the Bank has received regulatory approval to pay dividend and will advise shareholders in due course,” Chairman of the Board of Directors, Ebenezer Twum Asante, told shareholders at the 54th annual General meeting of the Bank. 

“The various strategic actions we initiated to improve the resilience of our business to external shocks, such as  

tightening our risk and control measures, have positively impacted our results. We will continue to harness our key capabilities and the opportunities they present to deliver value in a strong safe, sustainable manner,”  he added. 

Alongside the importance of delivering improved financial performance, the Banks Purpose and brand promise to be here for good remain cornerstones of the business.  

“To further drive growth, we are taking action to transform the way we operate, addressing any structural inefficiencies and complexity of protected income,” Mr Asante said. 

The bank continues to support its clients and communities as they anticipate and respond to economic and social challenges. This is possible through the banks Stands – Accelerating Zero, Resetting Globalisation and Lifting Participation – through which positive impact is delivered across the country.   

“The board will ensure that management remains focused on the execution of the strategic priorities, maximizing opportunities while maintaining appropriate risk controls. We are confident that our applying commitment to excellence and ingenuity of our team, we will navigate the challenges and improve returns in a strong, safe and sustainable manner,” Mr Asante added. 

Commenting on the impact the bank is making in the country, Chief Executive, Mansa Nettey emphasised the importance of collaborating to deliver impactful scalable interventions to support the vulnerable in society during challenging economic periods.  She said “the world continues to experience some evolving trends including technological advancements, geopolitics and climate change. While these changes continuously trigger country and international policy shifts, the private sector remains in a good position to shape national and global discourse that will help sustain our economies and communities.” 

 “As a Bank, we will continue to augment the efforts of government and support our communities through thought leadership and community impact programmes, as well as the provision of funding /capital to where it is needed most”. She added.  

The bank delivered income growth of 42% over the previous year to $1.72 billion while Operating cost was at $582 million, that is a 33% hike over the previous year. 

While the bank took a huge impairment charge of $1.16 billion in 2022 as a result of the debt exchange programme, it had a release of $220 million in 2023. This culminated in a profit before tax of $1.36 billion compared to the loss of $381 million in 2022.  

“We believe these results signal the beginning of a sustainable recovery as we close the year with good momentum across our business segments,” Mrs Nettey said. 

“We continue to maintain a fairly strong balance sheet and are liquid and well capitalized. The significant progress we made against the backdrop of tough external environments is as a result of the deliberate actions we took to protect our franchise amid these challenges. And I would like to thank the Board for their guidance over the period,” she added. 

She said the headwinds the bank faced over the last couple of years had enabled it to become more resilient and remain focused on delivering its revised strategic actions and protecting the franchise, making good progress on four strategic priorities of Network, Affluence, Mass Retail and Sustainability. 

Mrs Nettey said the Bank aimed to deepen its support to clients through collaboration with the Africa Continental Free Trade Area Secretariat and also focusing on offering comprehensive solutions, personalized advice and exceptional client experience to Affluent clients. 

“We aim to focus on areas of opportunistic growth which are critical to the Ghanaian economy, to support clients and stakeholders like yourselves and drive our performance,” she said. 

Mrs Nettey said SCB would continue to augment the efforts of government and support communities through its flagship thought leadership programmes, community impact programmes as well as the provision of funding and capital where it is needed most.