Sound management yields 70% profit surge for StanChart
Standard Chartered Bank Ghana PLC has seen a sharp rise in profits despite disruptions by COVID-19 in 2020.
The bank recorded a jump in profit after tax by 70% to GHC 478.3 million due to alterations in expenses.
The firm slashed interest expenses, operating expenses, and fees and commission expenses as it grew net interest, trading income and operating income.
As a result, shareholders would be having a good year with an increase of 70.19% in earnings per share to GHC 3.54, the banks’ 2020 audited financial statement indicated.
The bank was one of few who took a drastic cut in loans to other financial firms by a whopping 87% to GHC15,000,000.00
Loans and advancements to its customers were also slashed by 4.3% to GHC1.7billion.
The two, therefore, contributed just 6.09% to interest income which ended the year at GHC 795.3 million.
Deposits also rose by just 6% to finish the year at 5.7billion.
Standard Chartered Bank Ghana PLC Profile
Standard Chartered Bank Ghana Limited has been in operation since 1896 when it was known as the Bank of British West Africa.
The Bank is 80% owned by Standard Chartered PLC, and the remainder of the stock is owned locally and traded on the Ghana Stock Exchange.
The company is the oldest bank in Ghana, and ranked consistently amongst the top three banks, locally.
The company provides a wide range of services in the consumer, corporate and institutional banking sectors, including comprehensive trade finance, cash management services and foreign exchange products through our treasury operations.
Standard Chartered Bank Ghana has 19 branches and two agencies located in the main regions of the country.
Standard Chartered Bank is the only bank that has 2 SME centres in the country.