Ghana: Standard Chartered Bank Posts Strong Financial Performance in 2022 …Despite Impact of Ddep

Standard Chartered Bank Ghana PLC says the bank remains resilient and profitable despite the Domestic Debt Exchange Programme (DDED) and the tough challenging financial year in 2022.

The Chairman of the Board of Directors, Ebenezer Twum Asante, who disclosed this in Accra yesterday when he presented the 2020 financial performance of the bank at the 53rd Annual General Meeting, expressed his optimism about the future and the bank’s ability to emerge stronger and affirmed Standard Chartered’s commitment to continue to serve the Ghanaian market.

He said the effects of the external environment and the DDEP embarked on by the government last year caused the bank an impairment charge of GH¢1.16 billion, resulting in an after-tax loss of GH¢297.78 million for the period.

Mr Asante said the bank’s total income grew by 16 per cent over the previous year to GH¢1.21 billion despite the challenging external environment.

“Operating expense grew by 20 per cent on the back of high inflationary environment, and 2022 ended with a capital adequacy ratio of 23 per cent, well above the regulatory threshold of 10 per cent, with the bank maintaining a strong balance sheet and liquidity position,” Mr Asante stated.

He said, “We have a valuable franchise, with strength and quality at its core, great client relationships, and the right team of people.” He noted that despite the headwinds in 2022, the bank was seeing strong signs of a rebound as evidenced in its strong 1st half of 2023 performance. “We have a robust business model and a clear strategy. We will continue to focus on opportunities that exist within our redefined risk appetite while taking advantage of technology to open new opportunities,” he added.