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 | |
PBT | 491m | 289m |
Customer deposits | 5.8bn | 5.7bn |
Liquid ratio | 87.67% | 96.4% |
Latest Stories
-
Explainer: What is the Cash Waterfall Mechanism?
8 mins -
Survivors of child trafficking overcome adversity, excel in tertiary education
55 mins -
Confront the barriers to your progress – Professor Lydia Aziato challenges the youth
1 hour -
Expertise France leads EU-funded initiative empowering African Journalists to combat human trafficking
1 hour -
Ghana Grows Programme empowers Ghanaian youth through Youth Policy Dialogue
1 hour -
Eastern NDC raises GHS5.4m to support Mahama’s 2024 campaign
2 hours -
Kumawood actress Akyere Bruwaa condemns death rumours
2 hours -
Ghana Institution of Engineering calls for proactive measures to prevent flood disaster
2 hours -
Who pays for the extra cost? – COCOBOD CEO questions EU on new regulations
2 hours -
‘Dumsor’ will be over by end of May – Former NPP MP assures
2 hours -
Power crisis is not about money – NPP Manifesto Committe chair
2 hours -
Education Minister urges graduates to embrace opportunities
2 hours -
UN rights chief ‘horrified’ by mass grave reports at Gaza hospitals
3 hours -
We need more resources to deal with flooding – NADMO
3 hours -
We’ll not contest in Ejisu by-election – CPP tells EC
3 hours