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Let’s support vulnerable during challenging economic periods — Stanchart MD

Chief Executive of Standard Chartered Bank Ghana, Mansa Nettey, has emphasised the importance of collaboration to deliver impactful scalable interventions in the banking sector to support the vulnerable in society during challenging economic periods. 

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“The world continues to experience some evolving trends including technological advancements, geopolitics and climate change.” She said at the bank’s annual general meeting in Accra. 

Ms Nettey said 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 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.

Financials

The bank delivered strong results in the 2023 financial year, posting a profit before tax of GH¢1.36 billion compared to a loss of GH¢381 million in the previous year.

While it reported an income growth of 42 per cent over the previous year to GH¢1.72 billion, operating cost stood at GH¢582 million, representing a 33% rise over the 2022 financial year.

The bank had maintained that while it took a huge impairment charge of GH¢1.16 billion in 2022 as a result of the Domestic Debt Exchange Programme (DDEP), it had a release of GH¢220 million in 2023. 

The bank’s Return on Equity (ROE) increased to 45%, while its Capital adequacy ratio (CAR) was up 27.7%, well above the regulatory threshold of 10%. 

Dividend payment

“Given the bank’s capital position, it has received regulatory approval to pay dividends and will advise shareholders in due course.

The Chairman of the Board of Directors, Ebenezer Twum Asante, addressing shareholders said, “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 and sustainable manner”.

The release said alongside the importance of delivering improved financial performance, the bank’s purpose and brand promise to be ‘here for good’ remain cornerstones of the business. It said the bank continued to support its clients and communities as it anticipates and responds 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,” it added.

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