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Business News Thu, 4 May 2017

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Stanchart records GHC 119m profit before tax

Standard Chartered Bank Ghana Limited, has posted a profit before tax of GH?119million in the first quarter of 2017, up 18 per cent from GH? 101million in the same period last year.

According to statement issued by the bank, operating income increased by 8 per cent to GH?162 million in 2017 compared to GH?152 million same period in 2016.

Operating expenses also increased by 16 per cent to GH? 55 million compared to the March 2016 where they recorded GH?47 million largely on the back of inflation driven increase in cost.

Net impairment recovery on assets was GH?12million against a prior year charge of GH?2million.

The bank says, its performance over the stated period was driven by focus on its strategy of recovering impaired assets, making the bank’s balance sheet strong, liquid and well capitalised.

The bank further noted that the macroeconomic environment generally improved towards the end of the quarter, despite uncertainties in the beginning of the year.

It however expressed optimism in the medium to long term.

Commenting on the performance, the Chief Financial Officer, Kweku Nimfah-Essuman, said: “the Bank will continue to take initiatives that will deliver results and returns in line with investor and shareholder expectations”.

Chief Executive Officer, Mansa Nettey also said, “our performance will continue to trend positively as improving market conditions are sustained. Our focus in 2017 remains one of preserving the right financial framework and creating shareholder value”.

Source: B&FT Online

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