Business News Thu, 6 Jun 2019

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Standard Chartered Bank Ghana Limited pays 20% of total income as dividend to shareholders

Standard Chartered Bank Ghana Limited, today held its 2018 Annual General Meeting to present the Annual Report and Financial Statements for the year ended 31 December 2018 to their shareholders.

• Underlying Operating income increased by 5 per cent year on year to GH¢712.9 million from GH¢676.8 million in 2017.

• We recorded an underlying operating profit of GH¢325.6 million

• Operating expenses increased by 17 per cent from GH¢244.9 million in 2017 to GH¢286.3 million in 2018

• Net customer loans and advances decreased by 6% from GH¢1.38 billion to GH¢1.30 billion This is attributed to loan write offs and derisking of our loan portfolio.

• Earnings per share was GH¢1.54

• Capital Adequacy Ratio is 28.59 per cent well above statutory limit

Commenting on the 2018 results Board Chairman of Standard Chartered Bank Ghana Limited, Dr. Emmanuel Oteng - Kumah said “Standard Chartered Bank Ghana Limited is a great organization with a rich heritage and legacy spanning over 120 years in Ghana. Our focus is to continue to harness the Bank’s potential to deiver value to our shareholders and clients and drive the economic development of Ghana.”

The Board declared dividend on ordinary shares of GH¢1.04 culminating into GHS140m representing 20 per cent of total income for 2018.

Commenting on the results, Chief Executive, Mansa Nettey said, “Our focus is to maintain the right framework supported by a strong balance sheet, to generate significant returns while pursuing further recovery and restructuring of impaired assets.”

Chief Financial Officer, Kweku Nimfah- Essuman, commented, “We will focus on delivering sustainably higher returns for our clients and shareholders on the back of a stronger and more resilient balance sheet.”

Source: Standard Chartered Bank Ghana

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