Management of Standard Chartered Bank Ghana Limited has expressed optimism of continuous improved performance on the back of strong market conditions.
The bank said in a statement that it made a profit before tax of GH¢196.9million in the 2018 half year, representing a 13 per cent year on year decline mainly due to impairment booked.
The impairment charge for the period under review was GH¢33.7 million compared to prior years’ impairment recovery of GH¢ 15.9million on the back of IFRS 9 implementation and additional specific impairment taken.
The 2018 half year also saw operating income up by nine per cent year on year to GH¢357.5million compared to prior year of GH¢326.9million.
Operating expenses also increased by nine per cent to GH¢126.8million compared to prior year of GH¢116.2 million.
“The above drivers resulted in a profit before tax of GH¢196.9million, representing 13 per cent year on year decline mainly due to impairment booked,” the Bank said.
The bank said Capital adequacy ratio for the period is 30.73 per cent compared to 23.69 per cent posted prior year.
Return on equity (ROE) was 15.01 per cent compared to prior year 21.78 per cent on the back of increased equity.
Chief Financial Officer, Mr Kweku Nimfah-Essuman, commented, “We are a safe and stable bank. We remain liquid with a robust, resilient balance sheet and continue to adhere to corporate governance policies. We are far advanced in meeting the new minimum capital requirement”.
Commenting on the results, Chief Executive Officer, Mansa Nettey, said, “We have made good progress in the execution of our strategy. Service quality underpinned by deepening client relationships will be the game changer as we seize the right opportunities for growth”.