Audio By Carbonatix
The rising cost of funds Standard Chartered Bank borrowed is expected to be one of the issues that will dominate the bank’s “Facts behind the Figures” session on Tuesday at the Ghana Stock Exchange.
The bank posted an impressive performance for the first six months of the year. Earnings from loans and advances it gave out grew by 58 percent whiles profit went up by 3 percent or just about 1 million Ghana cedis over the same period last year.
Interest expense however more than doubled from 16 million to 33 million Ghana cedis.
The bank hopes to use today’s meeting with institutional investors and brokers to explain how it intends to improve upon the fortunes of the bank for the next half of the year.
The bank’s stock has been one of the most sought after by investors on the Accra bourse.
It ended trading yesterday at 43 Ghana cedis 50 pesewas with a year to date appreciation of 43 percent.
Source: Joy Business/Myjoyonline.com/Ghana
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