Standard Chartered Bank declares GH₵247 million dividend

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Sdtandard Chartered Bank Agm
Sdtandard Chartered Bank Agm

Standard Chartered Bank for the 2021 financial year, has declared total dividend payment of GHS 247m to shareholders of the bank.

The total dividend payment which represents 23.2% of the bank’s total income for 2021, was announced at the bank’s 52nd Annual General Meeting (AGM) on Thursday, June 2, 2022.

The GHS 247m dividend payment is on the back of an approved GHS 1.84 dividend per share by the regulator, the Bank of Ghana.

A perusal of the bank’s financial performance for 2021 indicates that operating income grew by 5 percentage points from GHS 1.02bn to GHS 1.07bn.

Operating expenses increased by 33 percentage points from GHS 288m in 2020 to GHS 382m in 2021.

Standard Chartered Bank’s loan impairments eased from a provision of GHS 59m to GHS 6m in 2021 aided primarily by provision release on legacy non-performing assets.

Profit-before-tax for the year ended 2021 stood at GHS 695m up by 3 percentage points from the GHS 675m profit-before-tax recorded at end-2020.

Earnings per share for the year under review was GHS 3.23, a marginal reduction from the GHS 3.54 per share recorded the previous year – 2020.

Capital Adequacy Ratio (CAR) of the bank at end-2021 was 33.4%, well above the Central Bank’s regulatory minimum of 11.5% [as at 2021].

Commenting on Standard Chartered Bank’s performance for 2021, Board Chairman, Dr. Emmanuel Kumah said: “Overall, our financial results show evidence of a strong underlying business resilience in the face of uncertainty and a bank that is tracking very well against its medium-term financial and social targets. The Bank remains profitable, highly liquid and well capitalised.”

“The 2021 financial results demonstrates a trend of sustainable and profitable growth with a healthy and sufficiently diversified balance sheet that generates attractive returns. The Bank posted strong return metrics, delivering value to its shareholders,” he added.

Speaking on the outlook of the bank for this year – 2022 – Chief Executive Officer (CEO) of Standard Chartered Bank, Mansa Nettey, noted the bank, despite the current challenging business environment due to macroeconomic instability, geo-political challenges and post-pandemic effects, will build on its strong underlying business performance in 2021 to pursue sustainable growth opportunities in line with the bank’s core competencies, sustainable finance, trade and wealth management.

Special Resolution

A special resolution involving amendments to Sections 110, 114, 119, 135 and 165 of the bank’s registered constitution was voted for and carried by shareholders and Board Chairman of the bank.

Aside the special resolution, five (5) other resolutions that were voted for and carried include the re-election of two directors and the fixing of new remuneration for directors and auditors of the bank.

Dr Emmanuel Kumah to step down as Board Chairman

Dr Emmanuel Kumah at the end of October 2022, will be stepping down as Board Chairman of Standard Chartered Bank in line with the Bank of Ghana’s corporate governance guidelines.

This was announced by Dr Kumah himself during the bank’s 52nd AGM.

Source: –norvanreports.com

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