Standard Chartered Bank registered a strong growth for the third quarter of this year, as profit increased by 69% year-on-year to reach ¢344 million, according to its 2020 quarter three unaudited financial statement.
The tier-one bank recorded outstanding growth in all income lines, despite the covid-19 pandemic.
Whilst interest income jumped from ¢423 million in September 2019 to ¢500 million in September this year, the trading income also grew by 40% to ¢168 million in the nine months of this year.
It’s one of the most efficient banks in the country today as cost-to-income ratio-that is the measurement of costs in relation to earnings-was 33% during the period, far below industry average.
Shareholders of the bank will be smiling as earnings per share hit ¢2.54 as against ¢1.49 a year ago.
In terms of the balance sheet, Stanchart balance sheet size was strong, hitting ¢15.3 billion.
Customers’ deposits was virtually unchanged at ¢5.8 billion at the end of September 2020. It stood at ¢5.7 billion the same period last year.
Loans and advances went up albeit slightly by 4% to ¢1.7 billion. That might indicate that the bank slowed down lending activities during the covid-19 epic period to prevent any potential loan loss/losses.
For the stability of the bank, Stanchart, on the other hand, registered a Capital Adequacy Ratio-a measurement of a bank’s available capital expressed as a percentage of a bank’s credit exposures-of 17.96% and an NPL less loan loss of 7.85% in the third quarter of this year. Without loan loss, the NPL was 23.42%.
|September 2020||September 2019|
- We will not allow any religious group to plunge Ghana into chaos – Muntaka
- Kwabena Agyepong welcomed back to NPP after 6 years suspension
- One feared dead, several others injured after accident at Legon underpass
- Manu, who delayed Ghana’s 4x100m baton, had never received one – Coach
- Citi FM journalist, Caleb Kudah allegedly picked up by National Security operatives
- SALL kicks against EC’s decision to amend C.I. for them to vote in 2024
- Leadership crisis at Ghana Rugby: Chairman Herbert Mensah suspended indefinitely, set to be removed from office on June 8
- Former British High Commissioner to Ghana, Craig Murray jailed for contempt in the UK
- Ghana drops to 95th in 2021 World Happiness ranking
- Dr Mavis Owureku Asare: Wesley Girls’ no fast policy is not about religion
Protect Ghanaian businesses to aid job-oriented economic growth – Dr Kofi Amoah
Wesley Girls: Aside ban on fasting Muslims aren’t allowed to observe Salat – Old student
Operation Halt must be sustained, extended to tributaries of major rivers – Defence Minister
Akufo-Addo is not against mining, he is helping to improve it – Lands Minister
Pupils travel 3 hours barefoot on muddy road to school in Accra
Military not harassing legal miners – Dominic Nitiwul
2021 Wolves Cup to be launched on Wednesday
Israel: Hamas launches rocket attack on Tel Aviv
Military taskforce deployed to fight illegal mining facing local resistance – Defense Minister
Manchester City win Premier League title after Manchester United lose to Leicester
Soyuncu’s header gives Leicester win at Man Utd to hand Man City title
3 communities in Krachi East Municipality calls on government for portable water
3 police officers, others remanded for alleged secret burial
Decision to reinstate Kwabena Agyepong was unanimous – Freddie Blay
Military fight illegal miners in ‘Operation Halt’