Standard Chartered Bank Ghana PLC has marked a significant turnaround in 2023, returning to profitability and demonstrating robust financial health.

The bank reported strong results, improved returns, and positive momentum across key metrics, reflecting the effectiveness of its strategic initiatives.

Standard Chartered Bank Ghana’s Return on Equity (ROE) surged to 45 percent, and its Capital Adequacy Ratio (CAR) stood at an impressive 27.7 percent, well above the regulatory threshold of 10 percent. These figures highlight the bank’s robust financial position and prudent management.

Ebenezer Twum Asante, Chairman of the Board of Directors, announced at the bank’s 54th Annual General Meeting that regulatory approval has been granted for dividend payments, with further details to be shared with shareholders soon.

“The various strategic actions we initiated to improve the resilience of our business to external shocks, such as tightening our risk and control measures, have positively impacted our results. We will continue to harness our key capabilities and the opportunities they present to deliver value in a strong, safe, sustainable manner.”
Ebenezer Twum Asante

Strategic Focus on Sustainable Growth

Standard Chartered Bank Ghana remains committed to its purpose and brand promise of being “here for good.” The bank is focused on transforming its operations to address structural inefficiencies and complexity, ensuring long-term growth and sustainability.

Asante reiterated the bank’s commitment to supporting clients and communities in anticipating and responding to economic and social challenges through its strategic pillars: Accelerating Zero, Resetting Globalisation, and Lifting Participation. These initiatives are designed to deliver positive impacts across the country.

“The board will ensure that management remains focused on the execution of the strategic priorities, maximizing opportunities while maintaining appropriate risk controls. We are confident that by applying our commitment to excellence and the ingenuity of our team, we will navigate the challenges and improve returns in a strong, safe, and sustainable manner.”
Ebenezer Twum Asante

Commitment to Community and Economic Inclusion

Chief Executive Mansa Nettey highlighted the bank’s role in collaborating to deliver impactful and scalable interventions to support vulnerable communities during challenging economic times. She noted that technological advancements, geopolitical shifts, and climate change are continually shaping national and global policies.

In this dynamic environment, the private sector, including Standard Chartered Bank, is well-positioned to influence these discussions and contribute to sustainable economic development. “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 and capital to where it is needed most,” Nettey stated.

The bank reported a 42 percent income growth over the previous year, reaching $1.72 billion. Operating costs increased by 33 percent to $582 million. Notably, the bank reversed a substantial impairment charge of $1.16 billion from 2022, recording a release of $220 million in 2023.

This led to a profit before tax of $1.36 billion, a significant turnaround from the $381 million loss in 2022. “We believe these results signal the beginning of a sustainable recovery as we close the year with good momentum across our business segments,” Nettey commented.

Resilience and Strategic Priorities

Despite the headwinds faced over the past few years, Standard Chartered Bank Ghana has maintained a strong balance sheet, remaining liquid and well-capitalized. The bank’s resilience is attributed to deliberate actions taken to protect its franchise amid external challenges.

Nettey highlighted the bank’s progress on four strategic priorities: Network, Affluence, Mass Retail, and Sustainability. The bank aims to deepen its support for clients by collaborating with the Africa Continental Free Trade Area Secretariat and offering comprehensive solutions, personalized advice, and exceptional client experiences to affluent clients. “We aim to focus on areas of opportunistic growth which are critical to the Ghanaian economy, to support clients and stakeholders like yourselves and drive our performance,” Nettey said.

Standard Chartered Bank Ghana continues to enhance its support for the government and communities through flagship thought leadership and community impact programmes. The bank remains dedicated to providing funding and capital where it is most needed, further solidifying its role as a key player in Ghana’s economic development.

By maintaining its commitment to excellence and sustainability, Standard Chartered Bank Ghana is well-positioned to navigate future challenges and deliver long-term value to its shareholders, clients, and the broader community.