Shareholders of Standard Chartered Bank Ghana PLC are set to receive 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 and improved returns alongside balance sheet growth and positive momentum across key metrics.
Return on Equity (ROE) increased to 45 per cent and Capital adequacy ratio (CAR) is 27.7 per cent well above regulatory threshold of 10 per cent.
“Given the Bank’s capital position the Bank has received regulatory approval to pay dividend and as per the process, the Board will consider it and make a recommendation and will advise shareholders in due course,”Ebenezer Twum Asante said.
He also 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 and assured shareholders of continuous work to harness the key capabilities and the opportunities they present to deliver value in a strong safe, sustainable manner.
Alongside the importance of delivering improved financial performance, the Banks purpose and brand promise will remain cornerstones of the business.
The bank continuously supportsits clients and communities as they anticipate and respond to economic and social challenges.
This is possible through the banks Stands – Accelerating Zero, Resetting Globalisation and Lifting Participation – through which positive impact is delivered across the country.
The bank also commits to collaborate with private sector to further drive impact and economic inclusion.
Commenting on the impact the bank is making in the country, Chief Executive Mansa Nettey emphasised the importance of collaborating to deliver impactful scalable interventions to support the vulnerable in society during challenging economic periods.
She said,“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.
“As a Bank, we will continue to augment the efforts of government and support our communities through thought leadership and community impact programmes, as well as the provision of funding /capital to where it is needed most,”she added.
The Bank partners communities to mobilise social capital and drive economic inclusion and entrepreneurship through our Futuremakers initiative. Since its launch in 2019, the Bank has reached over 4500 young people with programmes focussed on entrepreneurship, employability and education.
The Bank also reported the following results:
- Income growth of 42 per cent over the previous year to GH¢1.72 billion.
- Operating cost was at GH¢582 million that is 33 per cent over the prior year.
- 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.
