Standard Chartered Bank PLC makes strong recovery
Mansa Nettey, CEO, Standard Chartered Ghana

Standard Chartered Bank PLC makes strong recovery

Standard Chartered Bank PLC has moved from a loss making position in the year 2022 to a profit position in the 2023 financial year.


From a loss of GH¢299.6 million, the bank overturned the tables to record a whopping profit of GH¢864.4 million according to its financials for the year in review posted by the Ghana Stock Exchange (GSE).

The bank, like many others in the industry, suffered from the severe impact of the government’s Domestic Debt Exchange Programme (DDEP) which seriously affected the profits of banks in the country.

In the third quarter of the year 2022, Ghana’s debt stock was assessed as having reached unsustainable levels culminating in a move by government to restructure its debts in line with an agreement with the Bretton Wood institutions for a $3 billion bailout programme.

The DDEP was a voluntary invitation to holders of selected government of Ghana (GoG) debt instruments to voluntarily surrender them in exchange for new bonds issued at new rates and maturities. 

The new rates and maturities meant a value loss for investors, including banks. After several engagements with MoF and assurances of some regulatory forbearances, the banking industry signed up to the DDEP. The direct impact of the bond exchange by banks meant their assets were now impaired and significant impairment losses needed to be recognised by the affected banks according to a report authored by PwC, an international accounting and auditing firm.

Other results

The bank’s deposits from customers also grew exponentially from GH¢8.2 billion in 2022 to  as high as GH¢10.8 billion last year, demonstrating the level of confidence customers have in one of the best performing listed financial equities on the local bourse.

While the bank’s stated capital remained same at GH¢400 million in the year under review as compared with the previous year, its income surplus shot up exponentially from GH¢148.3 million in 2022 to GH¢820.8 million last year.

Shareholder’s funds increased from GH¢1.3 billion in 2022 to GH¢1.9 billion in 2023 while net assets value per share also went up from GH¢9.78 to GH¢14.26 last year.

The bank’s loans and advances to customers recorded an insignificant jump from GH¢2.05 billion in 2022 to just GH¢2.10 billion last year.


By way of payment of tax and levies to the government, the bank paid as much as GH¢486.9 million as against the GH¢83.9 million in 2022. This is made up of GH¢351.7 million in income tax alone, GH¢67.6 million for Growth and Sustainability Levy and same amount for Financial Sector Clean-Up Levy.

In terms of the bank’s total impairment, the amount reduced drastically from GH¢1.15 billion in 2022 to just GH¢220.3 million.

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