SCB Ghana committed to sustainability and growth- Asante
By Isaac AIDOO, Accra
In a bid to drive growth, Standard Chartered Bank Ghana PLC has announced significant measures to transform its operations.
Addressing shareholders at the bank’s 54th Annual General Meeting (AGM), Board Chairman, Mr Ebenezer Asante detailed the bank’s commitment to addressing structural inefficiencies while safeguarding income.
Mr. Asante introduced the ‘Fit for Growth’ programme, a three-year global initiative aimed at enhancing productivity, client and employee experience, and fostering capacity for reinvestment in growth initiatives. This program is set to simplify, standardize, and digitize the bank’s operations, thereby improving overall efficiency.
“During a crisis or period of uncertainty, maintaining a robust corporate governance framework is critical to protecting our franchise and driving growth,” Mr. Asante emphasized.
The bank has reported a robust return to profitability, highlighted by significant balance sheet growth and improved financial metrics.
The Return on Equity (ROE) has surged to 45%, and the Capital Adequacy Ratio (CAR) stands at an impressive 27.7%, far exceeding the regulatory threshold of 10%.
Due to its strong capital position, the bank has received regulatory approval to pay dividends, with details to be announced soon.
Mr. Asante attributed the bank’s improved performance to strategic actions focused on enhancing resilience against external shocks, including tightened risk and control measures.
“We will continue to harness our key capabilities and the opportunities they present to deliver value in a strong, safe, sustainable manner,” he stated.
Chief Executive Mrs. Mansa Nettey highlighted the importance of collaboration in supporting vulnerable communities during challenging economic times.
She emphasized the role of the private sector in shaping policies to sustain economies and communities, considering evolving global trends such as technological advancements, geopolitics, and climate change.
“As a bank, we will continue to augment government efforts and support our communities through thought leadership, community impact programmes, and the provision of funding where it is needed most,” Mrs. Nettey added.
Key financial highlights for the bank included:
• Income growth of 42% over the previous year, reaching GH¢1.72 billion.
• Operating costs of GH¢582 million, a 33% increase from the prior year.
• A significant release of GH¢220 million in 2023, following a GH¢1.16 billion impairment charge in 2022 due to the Domestic Debt Exchange Programme (DDEP).
• Profit before tax of GH¢1.36 billion, marking a substantial turnaround from a loss of GH¢381 million in 2022.
Standard Chartered Bank Ghana continues to maintain a robust balance sheet, remaining liquid and well-capitalized, while upholding its brand promise of being “here for good.”
Speaking at the Facts behind the Figures forum organised by the Ghana Stock Exchange, in Accra Managing Director of Unilever Ghana PLC, Chris Wulff-Caesar, said the company deployed its sustainability projects mainly in support of the collection and recycling of plastic waste.
Working through the Ghana Recycling Initiative by Private Enterprises (GRIPE), more advocacy on the development of a viable plastic economy was done. Unilever Ghana PLC sustained investment in its livelihood empowerment project in the Upper West region and commenced work to extend the project to other regions of the country.
Many more schools benefitted from the teaching of oral and personal hygiene habits in schools and communities across the country, while product donations were made to various organisations to help improve the health and hygiene status of the beneficiaries.
Chris Wulff-Caesar remains upbeat about the company’s commitment towards its purpose of making sustainable living commonplace.
