Dr. Emmanuel Kumah (middle) and Ms. Mansa Nettey during the AGM
THE BOARD of Standard Chartered Bank Ghana PLC declared dividend on ordinary shares of GH¢1.74 culminating into GH¢234.4 million.
This represents 23% of the bank’s total income for 2020.
Revenue grew by 20 per cent year-on-year to GH¢1.02 billion compared to prior year of GH¢853.0 million, while operating cost dropped by 12 per cent year-on-year to GH¢288.1 million from GH¢328.9 million recorded in prior year.
Impairment provision decreased to GH¢59.3 million driven by decrease in impairments across all clients in addition to increased recoveries, as operating profit increased by 59 per cent year-on-year to GH¢675.4 million from GH¢424.2 million in prior year.
Return-on-equity for the period was 32.6 per cent compared to prior year of 25.5 per cent, earnings per share (EPS) increased to GH¢3.54 from GH¢2.08.
Board Chairman, Dr. Emmanuel Kumah, remarked, “We remain strong and profitable. Our milestone anniversary this year, presents us with a unique opportunity to build towards a sustainable future as we continue to transform our business to create increased shareholder value driven by our unique purpose, while fulfilling our brand promise – Here for good.”
Net loans and advances to customers decreased by 4 per cent from 2019 to GH¢1.69 billion in 2020 driven mainly by repayment from clients.
Customer deposits grew by 6 per cent from GH¢5.42 to GH¢5.75 billion while also capital adequacy ratio remained strong at 24.9 per cent from 30.3 per cent recorded in 2019.
Chief Executive, Mansa Nettey, said “Despite the extraordinary challenges of the year in review, we delivered a strong financial outcome. Our refreshed priorities, coupled with our purpose will help us scale up and deliver on our business goals in 2021. We are focused on offering unwavering support to our clients, providing differentiated experiences and helping them navigate this period of uncertainty.”
Chief Financial Officer, Kweku Nimfah-Essuman, commented, “The investment made into our digital capabilities paid off as our clients leveraged on the enhanced payment proposition and the over 70 client journeys on our flagship SC Mobile Banking app. This led to a smooth transition into our new ways of banking for our clients. In 2021, we will continue to strengthen our digital transformation and innovation capabilities to offer clients more convenience for their banking needs.”
During the period under review, the bank provided emergency relief valued at GH¢4.3 million towards Covid-19 relief efforts.