Standard Chartered Bank has paid out Ghs 234 million – 23 percent of the total profit made for 2020 – as dividends to its shareholders.
The declared Ghs 1.74 pesewas per share dividend was accepted and subsequently approved by the Board of Directors at the bank’s 2020 Annual General Meeting (AGM) held on Wednesday, July 28, 2021.
Commenting on the 2020 results Board Chairman, Dr. Emmanuel Kumah said: “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.”
Also commenting on the results was Chief Executive, Mansa Nettey who 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”.
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,” added Chief Financial Officer, Kweku Nimfah- Essuman.
During the period under review, The Bank provided emergency relief valued at GH¢4.3 million towards COVID 19 relief efforts. Working with partner NGOs, relief efforts were channeled to support widespread testing, provide PPE for frontline healthcare workers and support the vulnerable, particularly children.
Highlights of the results:
- Revenue grew by 20 per cent year on year (YoY) to GH¢ 1.02 billion compared to prior year of GH¢ 853.0 million
- Operating cost dropped by 12 per cent YoY 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
- Operating profit increased by 59 per cent YoY to GH¢ 675.4m from GH¢424.2m 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 GHS3.54 from GH¢2.08