StanChart records 18% increase in profit for Q1

Standard Chartered Bank Ghana Limited recorded a profit before tax of GHC119 million in the first quarter of 2017. This represents an increase of 18 percent over 2016’s figure of GHC101 million. Operating income too increased by 8 per cent to GHC162 million compared to GHC152 million in March 2016.

However, the bank’s operating expenses increased by 16 percent to GHC55million compared to the previous year’s 47 million cedis. This was largely on the back of inflation driven cost.

Also, net impairment recovery on assets was GHC12million against a prior year charge of GHC2million.

The cumulative effect of the above drivers resulted in profit before tax that was recorded during the period.

The Bank attributes the positive financial performance over the last year to a sustained focus on its strategy of recovering impaired assets.

Standard Chartered Ghana Limited says its “balance sheet remains strong, liquid and well capitalized”.

According to a statement released by the bank on its Q1 performance, “the macroeconomic environment generally improved towards the end of the quarter following uncertainties in the beginning of the year”.

It says that although headwinds persist, medium term outlook remains positive.

Commenting on the first quarter performance, Chief Executive Officer, Mansa Nettey 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”.