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Standard Chartered Bank Ghana PLC has held its 53rd Annual General meeting to present the Annual Report and Financial Statements for the year ended 31 December 2022 to its shareholders. The Bank reiterates its ongoingcommitment to Ghana, whiles supporting its clients in the market to achieve their ambitions.

The Bank’s annual report highlighted a number of positives through a particularly challenging financial year in 2022 which saw it navigate tough economic headwinds.

Total income grew by 16 per cent over the previous year to GH¢1.21billion despite the challenging external environment. Operating expense grew by 20 per cent on the back of high inflationary environment.

The effects of the external environment and Domestic Debt Exchange Programme (DDEP) announced in December 2022 is reflected in impairment charge of GH¢1.16 billion resulting in an after-tax loss of GH¢297.78 million for the period.

Despite the loss, the Bank remains resilient with a strong underlying business. 2022 ended with a capital adequacy ratio of 23 per cent, well above the regulatory threshold of 10 per cent, with the Bank maintaining a strong balance sheet and liquidity position.

The Bank also established the Standard Chartered Wealth Management Limited (SCWML), a subsidiary of Standard Chartered Bank Ghana PLC to provide investment advisory services to clients and promote the distribution of investment and other wealth products.

The recently appointed Chairman of the Board of Directors, Ebenezer Twum Asante, addressing shareholders in his first AGM affirmed Standard Chartered’s commitment to Ghana. He expressed his optimism about the future and the Bank’s ability to emerge stronger.