Graphic Business News

Stanchart releases quarter 3 results - Posts 25% profit after tax

By: Daily Graphic
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 Ms Mansa Nettey — MD Stanchart Ghana
Ms Mansa Nettey — MD Stanchart Ghana

Standard Chartered Bank Ghana Limited says it will continue to make good progress on its strategy as it posts a strong third quarter performance.

The bank’s operating income increased by six per cent to GH¢490 million from the GH¢464 million recorded in September 2016.

Operating expenses were up by 28 per cent to GH¢177.6 million, compared to that of the previous year of GH¢138.5 million.

The bank also posted a loan impairment recovery of GH¢18.1 million as of September 30, 2017, compared to an impairment charge of GH¢61.5 million for the same period in 2016.

The cumulative effect of the above resulted in profit before tax of GH¢331 million, representing a 25 per cent growth compared to the previous year of GH¢264 million.

Other results

Capital adequacy ratio for the period stood at 28.27 per cent compared to 21.59 per cent in the previous year.

The average return on equity was 29.67 per cent compared to the previous year of 29.75 per cent, while earnings per share for the period increased by 24 per cent from GH¢1.61 to GH¢2.

The macro-economic environment has seen relative stability coupled with robust gross domestic product (GDP) growth during the period under review.

The Chief Executive Officer (CEO), Ms Mansa Nettey, in a news release said: “Our results continue to trend upwards as we create shareholder value. Our focus for the rest of the year is to deliver on our strategic priorities while investing in the right systems and platforms to drive growth.”

The Chief Financial Officer, Mr Kweku Nimfah-Essuman, said: “We have a strong underlying business and we will continue to stick to our strategy of sustaining a diversified balance sheet which remains structurally liquid and conservatively positioned.”