Standard Chartered Bank Ghana PLC, has reported impressive financial results for 2023, with income growth of 42 per cent over the previous year, totalling GH¢1.72 billion. The bank’s operating cost increased by 33 per cent to GH¢582 million.
In a statement, officials from the bank noted, “While we took a huge impairment charge of GH¢1.16 billion in 2022 as a result of the Domestic Debt Exchange Programme (DDEP), we had a release of GH¢220 million in 2023. This culminated in a profit before tax of GH¢1.36 billion compared to a loss of GH¢381 million in 2022.”
The bank continues to maintain a very strong balance sheet, remaining liquid and well-capitalized.
Consequently, shareholders of Standard Chartered Bank Ghana PLC, are set to receive a dividend payout, as announced by Board Chair Ebenezer Twum Asante, at the bank’s 54th Annual General Meeting held in Accra.
The bank delivered strong results, returning to profitability with improved returns, balance sheet growth, and positive momentum across key metrics.
Return on Equity (ROE) increased to 45 percent, and the Capital Adequacy Ratio (CAR) is 27.7 percent, well above the regulatory threshold of 10 percent.
“Given the bank’s capital position, the bank has received regulatory approval to pay dividends, and as per the process, the Board will consider it and make a recommendation and will advise shareholders in due course,” added Asante.
Addressing shareholders, Asante mentioned that the various strategic actions the bank initiated to improve its resilience to external shocks, such as tightening risk and control measures, have positively impacted the results. He assured shareholders of continuous efforts to harness key capabilities and opportunities to deliver value in a strong, safe, and sustainable manner.
Alongside delivering improved financial performance, the bank’s purpose and brand promise to be “Here for Good” remain cornerstones of its business. The bank continues to support its clients and communities as they anticipate and respond to economic and social challenges. This support is delivered through the bank’s initiatives—Accelerating Zero, Resetting Globalization, and Lifting Participation—which have a positive impact across the country.
Commenting on the bank’s impact in the country, Chief Executive Mansa Nettey emphasized the importance of collaboration to deliver impactful, scalable interventions to support the vulnerable in society during challenging economic periods.
“The world continues to experience some evolving trends, including technological advancements, geopolitics, and climate change. While these changes continuously trigger country and international policy shifts, the private sector remains in a good position to shape national and global discourse that will help sustain our economies and communities,” Nettey said.
“As a bank, we will continue to augment the efforts of government and support our communities through thought leadership and community impact programs, as well as the provision of funding/capital to where it is needed most,” she added.
The bank partners with communities to mobilize social capital and drive economic inclusion and entrepreneurship through its Futuremakers initiative.
Since its launch in 2019, the bank has reached over 4,500 young people with programs focused on entrepreneurship, employability, and education.
