One of Ghana’s first quartile banks, Standard Chartered Bank recorded a remarkable 69.7% growth in year-on-year earnings to ¢478 million in 2020, despite the impact of covid-19 on its operations, its 2020 Audited Financial Statement has revealed.
The bank’s growth was fuelled by outstanding growth in net trading income, which jumped by 48% to ¢247 million, whilst loan loss was also reduced to about ¢59 million.
It however recorded about ¢139.4 million in net fees and commissions at the end of 2020, about ¢36 million more than 2019.
Stanchart is one of the most efficient banks in the country today as the cost-to-income ratio-that is the measurement of operating costs in relation to earnings-was 28.2% during the period, far below the industry average.
Shareholders of the bank will be smiling as earnings per share hit ¢3.54 as against ¢2.08 a year ago.
In terms of the balance sheet, Stanchart balance sheet size was strong, hitting ¢8.03 billion.
Customers’ deposits were virtually unchanged at ¢5.75 billion at the end of December 2020. It stood at ¢5.42 billion in the same period last year.
The stated capital of the bank was unchanged at ¢400 million though it recorded a ¢440 million income surplus in December 2020.
For the stability of the bank, Stanchart registered a Capital Adequacy Ratio-a measurement of a bank’s available capital to its risk-weighted assets - of 17.96% and an NPL of 23.11%.
December 2020 | December 2019 | |
Profit | 478m | 22m |
Customer deposits | 5.75bn | 5.42bn |
Liquid ratio | 65.7% | 75.0% |
Latest Stories
-
Let’s live peacefully and shame our saboteurs – Savannah executives of NPP, NDC
3 hours -
Reconstruction of Agona-Nkwanta-Tarkwa road 80 per cent complete
3 hours -
Internet penetration: 10.7 million Ghanaians offline – LONDA Report
3 hours -
USC cancels grad ceremony as campus protests against Israel’s war in Gaza continue
3 hours -
Harvey Weinstein’s 2020 rape conviction overturned in New York
3 hours -
US Supreme Court divided on whether Trump can be prosecuted
3 hours -
There’s enough justification for Affirmative Action Bill to be passed – Minka-Premo
3 hours -
Don’t allow people to manipulate you into vaccine hesitancy – Dr Adipa-Adappoe
3 hours -
Suspend implementation of Planting for Food and Jobs 2.0 for 2024 – Stakeholders
3 hours -
Parkinson’s disease no longer confined to the elderly – Public Health Physician, Dr Momodou Cham warns
4 hours -
Persons living with Parkinson’s disease appeal for support as they face stigmatization
4 hours -
36-year-old-trader sentenced for stealing employer’s money
4 hours -
9 signs you’re falling in love with someone who thoroughly enjoys emotional manipulation
4 hours -
Catholic Diocese of Keta Akatsi hosts Parkinson’s support group meeting
4 hours -
Wa Naa appeals to Akufo-Addo to audit state lands in Wa
4 hours