One of Ghana’s first quartile banks, Standard Chartered Bank recorded a remarkable 69.7% growth in year-on-year earnings to ¢478 million in 2020, despite the impact of covid-19 on its operations, its 2020 Audited Financial Statement has revealed.
The bank’s growth was fuelled by outstanding growth in net trading income, which jumped by 48% to ¢247 million, whilst loan loss was also reduced to about ¢59 million.
It however recorded about ¢139.4 million in net fees and commissions at the end of 2020, about ¢36 million more than 2019.
Stanchart is one of the most efficient banks in the country today as the cost-to-income ratio-that is the measurement of operating costs in relation to earnings-was 28.2% during the period, far below the industry average.
Shareholders of the bank will be smiling as earnings per share hit ¢3.54 as against ¢2.08 a year ago.
In terms of the balance sheet, Stanchart balance sheet size was strong, hitting ¢8.03 billion.
Customers’ deposits were virtually unchanged at ¢5.75 billion at the end of December 2020. It stood at ¢5.42 billion in the same period last year.
The stated capital of the bank was unchanged at ¢400 million though it recorded a ¢440 million income surplus in December 2020.
For the stability of the bank, Stanchart registered a Capital Adequacy Ratio-a measurement of a bank’s available capital to its risk-weighted assets - of 17.96% and an NPL of 23.11%.
December 2020 | December 2019 | |
Profit | 478m | 22m |
Customer deposits | 5.75bn | 5.42bn |
Liquid ratio | 65.7% | 75.0% |
Latest Stories
-
Quincy Jones: His brilliance explained in 10 songs
3 hours -
Nigeria and Britain hail partnership to boost economic ties, security
3 hours -
Chad threatens to withdraw from multinational security force
4 hours -
Cocoa farmers hoard beans in anticipation of price hike, reports Reuters
4 hours -
Boat capsizes off Comoros islands, 25 killed, UN agency says
4 hours -
How are votes counted in the US election?
4 hours -
Mozambique presidential runner-up escapes alleged assassination attempt
4 hours -
Nigerian children who collapsed in court released
5 hours -
Quincy Jones: From ‘street rat’ to music mastermind
5 hours -
Bawumia outlines plans to develop three major railway lines alongside road projects
5 hours -
I want you to be millionaires through my responsible mining policies – Bawumia assures miners
5 hours -
‘Constitution reigns supreme in Ghana’- Declares Attorney General
5 hours -
‘Efua Ghartey’s GBA presidency has a divine touch’, says Attorney General Dame
6 hours -
Esports Ghana: Stakeholders gear up for pivotal meeting in Accra
6 hours -
GPL 2024/25: Legon Cities beat Yong Apostles to record back-to-back wins
6 hours