Stanchart is making good progress

Standard Chartered Bank Ghana Limited says it has made good progress in 2017, putting the business back on an upward growth trajectory.

“The growth is underpinned by deepening client relationships, investment in technology and strengthening our control environment.”

Speaking at the Facts behind Figures programme on the Stock Exchange, Mr Henry Baye, Executive Director of Standard Chartered Bank, said the position had been consolidated in the Bank’s performance for the first quarter of 2018.

The bank, he said, remained focused on its strategy and continued to pursue prudent cost management strategies and drove operational efficiencies with a conscious focus on investment in technology.

"We are committed to driving a revolutionary service culture change across the Bank by simplifying processes for clients," Mr Baye, said.

The Bank ended 2018 with income stability and well-contained costs, strong return on Equity and balance sheet position, healthy capital and liquidity and robust control environment

The Performance for the first quarter of 2018 continues to remain strong with a positive end-of-year outlook amid a more stable macro-economy.

He said the first quarter 2018 demonstrated the robustness of their performance.

Chief Finance Officer, Mr Kweku Nimfah-Essuman said the bank was working to meet new capital requirements of GH¢400 million after shareholders approved to move funds from surplus income to stated capital.

He said the bank would speed up the process of moving the funds from the surplus income account into the stated capital account to ensure that the bank was among the first banks to recapitalise.

Shareholders at the bank's annual general meeting approved the transfer of some GH¢305 million (including withholding tax) to the stated capital account, which currently has GH¢122 million.

Source: GNA