Standard Chartered’s operating income up by 17% in 2016

Standard Chartered Bank Ghana Limited’s underlying operating income of GHC621 million was up 17 percent for 2016 over the previous year as a result of stable underlying business.

Operating expense decreased by 15 percent to GHC194 million compared to GHC227 million in 2015 resulting from a continued focus on our cost management strategy and gains from operational efficiency. 

These were contained in a release of the banks’ results for the year ended December 31, 2016. 

According to the bank, impairment is down 62 percent from GHC212 million to GHC81 million through effective recovery and restructuring efforts undertaken during the year.

The effects of the above drivers resulted in an increase of pre-tax profit by 279 per cent to GHC346 million from GHC91 million recorded in 2015.

Earnings per share also up from GHC0.54 million in 2015 to GHC1.92.

The challenging economic conditions and external headwinds experienced over the past three years continued to persist into 2016, albeit slower than previous years, impacting businesses further. 

The Bank has however remained focused on its strategy of preserving the right financial framework and creating shareholder value.

“We continue to ensure a resilient balance sheet in an uncertain economic environment, tighten risk tolerance, remain cost efficient and seek diverse opportunities to drive sustainable growth into the future,” said Kweku Nimfah-Essuman Chief Financial Officer of the bank.

Commenting on the results Kweku Bedu-Addo, outgoing Chief Executive Officer of the bank said, “I remain confident that the financial performance of this business will continue to trend positively in line with market expectations over the coming years”.