Standard Chartered Bank records 20% increase in operating income for 2019

Standard Chartered Bank records 20% increase in operating income for 2019

- Standard Chartered Bank Ghana has recorded a 20% increase in its operating income for the year 2019

- The income level increased from GHc712.9 million in 2018 to GHc853 million in 2019

- The increase is on record as the highest in the last five years

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Details emerging from its Annual General Meeting show that Standard Chartered Bank (SCB) Ghana recorded a 20% increase in its operating income for the year 2019.

The bank’s operating income increased from GHc712.9 million in 2018 to GHc853 million the following year.

Information available shows the growth level is the highest to be recorded in the last five years.

Standard Chartered Bank records 20% increase in operating income for 2019
Source: Starr FM
Source: UGC

READ ALSO: GCB Bank to pay 20 pesewas per share to shareholders for 2019 financial year

Per a report by thebftonline.com, the bank was also recognised as Africa’s Best Bank for Transformation at the prestigious Euromoney Awards for Excellence 2020.

It is an event that recognises the top financial institutions in banking and capital markets all around the world.

According to the bank, its operating expenses increased by 15% from GHc286.3million in 2018 to GHc329 million in 2019.

This was as a result of increased spending on investment in technology and marketing activities to help drive the business and general price movements.

Provision for impairments fell from GHc100.8 million to GHc99.9 million, which was due to strong recovery strategies adopted by the bank.

SCB’s operating profit before tax was also GHc424.2 million, which was a 30% improvement on the results for the preceding year.

In other news, ARB Apex Bank recorded a profit before tax of GHc1 million for the 2019 operational year.

This represents a 10% increase in the results it posted in the preceding year, which was GHc0.91 million profit before tax.

The Bank’s total operating income increased by 17% from GHc55.5 million in 2018 to GHc64.96 million in 2019 despite the falling interest rates that affected its profitability.

READ ALSO: Unilever publishes unaudited results for first half of 2020; revenue is GHc200 million

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Source: Yen

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