Business

Stanchart earnings up 69.6% to ¢478m

One of Ghana’s first quartile banks, Standard Chartered Bank recorded a remarkable 69.6% growth in year-on-year earnings to GH¢478 million in 2020, despite the impact of covid-19 on its operations, its 2020 Audited Financial Statement has revealed.

The bank’s growth was fuelled by outstanding growth in net trading income, which jumped by 46.7% to GH¢246 million, whilst loan loss was also reduced to about GH¢59 million.

It however recorded about GH¢139.4 million in net fees and commissions at the end of 2020, about ¢36 million more than 2019.

Stanchart is 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.https://googleads.g.doubleclick.net/pagead/ads?gdpr=0&client=ca-pub-2500680891621702&output=html&h=250&slotname=7074810865&adk=2626372942&adf=1112791028&pi=t.ma~as.7074810865&w=300&lmt=1617611314&psa=1&format=300×250&url=https%3A%2F%2Fwww.myjoyonline.com%2Fstanchart-earnings-up-69-6-to-%25c2%25a2478m%2F&flash=0&wgl=1&uach=WyJXaW5kb3dzIiwiMTAuMCIsIng4NiIsIiIsIjg5LjAuNDM4OS45MCIsW11d&dt=1617611314087&bpp=18&bdt=455&idt=655&shv=r20210331&cbv=r20190131&ptt=9&saldr=aa&abxe=1&cookie=ID%3D766a9f4a877b3074%3AT%3D1617611154%3AS%3DALNI_MbJJSX-c0OMWLT24HTC6HsVFkReOw&correlator=1473553834667&frm=20&pv=2&ga_vid=1713542522.1607412753&ga_sid=1617611315&ga_hid=1350389099&ga_fc=0&u_tz=0&u_his=15&u_java=0&u_h=768&u_w=1366&u_ah=728&u_aw=1366&u_cd=24&u_nplug=3&u_nmime=4&adx=478&ady=1560&biw=1232&bih=597&scr_x=0&scr_y=0&eid=31060287%2C44740079%2C31060047%2C44739387&oid=3&pvsid=2037566819433433&pem=50&ref=https%3A%2F%2Fwww.myjoyonline.com%2Falban-bagbin-appears-to-be-demonstrating-machoism-in-parliament-kyei-mensah-bonsu%2F&rx=0&eae=0&fc=896&brdim=0%2C0%2C0%2C0%2C1366%2C0%2C1366%2C728%2C1242%2C597&vis=1&rsz=%7C%7CleEbr%7C&abl=CS&pfx=0&fu=8192&bc=31&ifi=1&uci=a!1&btvi=1&fsb=1&xpc=JkyL1qEqL5&p=https%3A//www.myjoyonline.com&dtd=837

Shareholders of the bank will be smiling as earnings per share hit GH¢3.54 as against ¢2.08 a year ago.

In terms of the balance sheet, Stanchart balance sheet size was strong, hitting GH¢14.5 billion.

Customers’ deposits was virtually unchanged at GH¢5.7 billion at the end of December 2020. It stood at GH¢5.4 billion the same period last year.

The stated capital of the bank was unchanged at GH¢400 million though it recorded GH¢440 million income surplus in December 2020.

For the stability of the bank, Stanchart, registered a Capital Adequacy Ratio-a measurement of a bank’s available capital to its risk weighted assets – of 17.96% and an NPL of 7.21%.

 December 2020December 2019
Profit478m281m
Customer deposits5.74bn5.41bn
Liquid ratio65.6%75.0%

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