Standard Chartered Bank Ghana Limited has posted strong results as it announced its results for the year ended December 31, 2017. 

The Banks underlying operating income of GH¢676.7million was up nine percent over previous year.

The Bank posted a strong profit before tax of GH¢422.3million representing 22 percent increment over last year with earnings per share at GH¢2.44, up 23 percent from GH¢1.92.

Operating expenses increased by 26 percent to GH¢244.9million compared to prior year of GH¢194.1million resulting from an increase in general administrative costs.

Impairment charge of GH¢9.5million was 88 percent better than prior year position of GH¢81.1million, achieved through a continued focus on recovery of impaired assets.

The resilient financial performance posted by the Bank for the period under review is a testament to the disciplined execution of the Bank’s strategy of maintaining a strong balance sheet, improving profitability, driving operational efficiencies whiles focusing on controls.

The balance sheet remains well capitalized and liquid. Total assets increased by percent to GH¢4.8billion. We will continue to focus on prudent asset growth as benign conditions return.

The capital adequacy ratio per the Bank of Ghana prudential guidelines is 26 percent well above the regulatory minimum of 13 percent.

The Bank has put in place a comprehensive strategy to ensure compliance with the new minimum paid-up capital requirement announced by the Bank of Ghana, ahead of the stipulated compliance date.

Kweku Nimfah-Essuman, Chief Financial Officer, commented, “We continue to ensure a resilient balance sheet, tighten risk controls and take initiatives that will deliver results and returns for our stakeholders.”

Commenting on the results, Chief Executive of the bank, Mansa Nettey said, “we have made good progress in 2017 putting the business back on an upward growth trajectory. 

“It was underpinned by deepening client relationships, investment in technology and digital platforms while strengthening our control environment. We are confident that the actions we are taking will translate into focused and sustained profitable growth,” he added.