Standard Chartered Bank PlC posts strong performance in 2021

The Standard Chartered Bank PLC posted a strong performance in the 2021 financial year despite the difficult macroeconomic environment brought about by the COVID-19 pandemic.

Profit before tax of the SCB in 2021 rose to GH¢695 million from GH¢675 in 2020, representing a three-per cent growth.

However, profit after tax of the company declined to by 9 per cent from GH¢478 million in 2020 to GH¢437 million due to the introduction of the Financial Sector Recovery Levy of 5 per cent on profits.

Also, the balance sheet of the bank grew by 26 per cent from GH¢8.0 billion in 2020 to GH¢10.1 billion 2021 and the operating income went up five per cent  to GH¢1.1 million in 2021 from GH¢1.02 million in 2020.

In view of the strong performance, the company declared a dividend of GH¢1.84 per share bringing total dividend payment for the 2021 financial year to GH¢250 million.

he Board Chairman of SCB PLC, Dr Emmanuel Oteng Kumah, who disclosed this at the bank’s 52^nd Annual General Meeting in Accra on Thursday, attributed the strong performance of the bank to investment in assets that generated better returns.

He said the performance of the bank reflected the general economic conditions that prevailed in the country last year.

 Dr Kumah said 2021 was a difficult year due to the COVID-19 pandemic, which created uncertainty in the local and global economy.

In spite of the difficult macroeconomic environment, he said the management and board focused on its strategic priorities which helped the bank navigate the headwinds.

he Board Chairman of SCB PLC, Dr Emmanuel Oteng Kumah, who disclosed this at the bank’s 52^nd Annual General Meeting in Accra on Thursday, attributed the strong performance of the bank to investment in assets that generated better returns.

He said the performance of the bank reflected the general economic conditions that prevailed in the country last year.

 Dr Kumah said 2021 was a difficult year due to the COVID-19 pandemic, which created uncertainty in the local and global economy.

In spite of the difficult macroeconomic environment, he said the management and board focused on its strategic priorities which helped the bank navigate the headwinds.

Source: Ghanaian Times