STANDARD CHARTERED BANK GHANA - 2016 OVERVIEW

Revenue - GH¢ 531,115,000

Profit - GH¢ 66,148,000

Total assets - GH¢ 3,369,448,000

Ghana Stock Exchange - Listed

Total shareholders' funds - GH¢ 555,100,000

Headquarters - John Evans Atta Mills High Street, Accra

Sector - Banking

Managing Director - J. Kweku Bedu-Addo

Employees (as at 2013) - 1070

Standard Chartered Bank has been in Ghana since 1896 and has been a key source of sustained and increasing investment in the country. The Bank is a subsidiary of Standard Chartered Holdings (Africa) B.V., a company incorporated in The Netherlands.

Standard Chartered Bank Ghana Limited made an underlying operating income of GH¢531m, up 2 percent over previous year; however, operating profit declined by 67 percent to GH¢91m.

Its results are below expectation relative to initial 2015 projections.

The year 2015 is on record in Ghana as one of the most challenging and exceptional years on many fronts. The volatility experienced on global commodity and currency markets, coupled with Ghana’s macroeconomic headwinds and three consecutive years of an energy crisis, had a material adverse impact on business, said a statement released by the bank

The Bank had to make very exceptional and unprecedented loan impairment provisions of GH2¢13m, up 333% from in 2014, largely on account of the effects of a massive disruption to working capital cycles across almost all sectors in the Ghanaian economy. Naturally the bank is as disappointed with the 2015 operating results as our stakeholders would be, due to the material deviation from our consistently good performance over the last decade.