Standard Chartered Bank ‘’Facts Behind The Figures"

Standard Chartered Bank has recorded a strong set of results in the first half of 2011, delivering a strong income and profit and raising its balance sheet, the Chief Executive Officer of the Bank, Mr. Kweku Badu-Addo, has disclosed.

In a statement at the Ghana Stock Exchange ‘’Facts behind the Figures’’ series in Accra, yesterday, Mr. Badu-Addo said the Bank’s profits grew by 9 per cent to GH¢39.2 million while income climbed 4 per cent during the first half of the year 2011, with a strong momentum across products.

He disclosed that the Bank recorded a highly liquid balance sheet with a deposits growth of 24 per cent to GH¢1,157 million and A/D ratio of 47.3 per cent while wholesale banking profits grew by 8 per cent to record GH¢43.4 million.

In addition, Mr. Badu-Addo said, consumer banking delivered a 12.7 per cent profit growth to GH¢12.6 million with ROE of 19.6 per cent and EPs up by 9 per cent as well as a continued performance for shareholders.

He noted that the banking landscape had changed markedly over the past five years with business becoming more challenging and competition employing renewed strategies in order to increase market share.

Mr. Badu-Addo said Standard Chartered Bank had accepted the challenge with a greater commitment to deliver on its brand promise —‘Here for Good’, adding that as a result of this commitment, the Bank had expanded its branches to 27 from 23 in 2006.

Mr. Badu-Addo reaffirmed the Bank’s commitment to maintaining its reputation as a disciplined bank, making itself more socially useful and delivering greater value to its shareholders through a sustainable business approach.

In an address, Mr. Sanjay Runghani, Executive Director of the Bank in charge of Finance, said the Bank had invested US$20 million into reshaping its branches and was also able to lower its interest rate to 16.95 per cent.

Source: ISD (G.D. Zaney)