Standard Chartered Bank Ghana PLC says the bank remains resilient and profitable despite the Domestic Debt Exchange Programme (DDED) and the tough challenging financial year in 2022.
The Chairman of the Board of Directors, Ebenezer Twum Asante, who disclosed this in Accra yesterday when he presented the 2020 financial performance of the bank at the 53rd Annual General Meeting, expressed his optimism about the future and the bank's ability to emerge stronger and affirmed Standard Chartered's commitment to continue to serve the Ghanaian market.
He said the effects of the external environment and the DDEP embarked on by the government last year caused the bank an impairment charge of GH¢1.16 billion, resulting in an after-tax loss of GH¢297.78 million for the period.
Mr Asante said the bank's total income grew by 16 per cent over the previous year to GH¢1.21 billion despite the challenging external environment.
"Operating expense grew by 20 per cent on the back of high inflationary environment, and 2022 ended with a capital adequacy ratio of 23 per cent, well above the regulatory threshold of 10 per cent, with the bank maintaining a strong balance sheet and liquidity position," Mr Asante stated.
He said, "We have a valuable franchise, with strength and quality at its core, great client relationships, and the right team of people." He noted that despite the headwinds in 2022, the bank was seeing strong signs of a rebound as evidenced in its strong 1st half of 2023 performance. "We have a robust business model and a clear strategy. We will continue to focus on opportunities that exist within our redefined risk appetite while taking advantage of technology to open new opportunities," he added.
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To serve the clients of the bank better, Mr Asante said the bank had established the Standard Chartered Wealth Management Limited (SCWML), a subsidiary of Standard Chartered Bank Ghana PLC, to provide investment advisory services to clients and promote the distribution of investment and other wealth products.
The Chief Executive of Standard Chartered Bank Ghana PLC, Mansa Nettey, in her address, spoke about the resilience the bank showed last year.
She said, "We remain a resilient bank with a strong underlying business. We are making good progress on our strategic pillars and areas of focus which will drive future growth." She also reiterated the banks' commitment to Ghana with continued investment in key growth sectors. "We remain committed to Ghana and will continue to support our clients to drive the economic recovery of the country."
Being Ghana's premier bank having operated in the market for over 126 years, the bank's commitment to Ghana remains as strong as ever.
Through various initiatives, the bank continues to invest in the productive sectors of the economy in line with its brand promise, "Here for good". In the year under review, the bank provided educational grants to support 31 brilliant but needy students across the 5 public tertiary institutions to the tune of GH¢285,000 for a three-year period.
