Stanchart resets its priorities

The banking sector has become one of the most competitive sectors in the country and players are positioning themselves to outdo each other as in this case in the following report by Charles Benoni Okine

Standard Chartered Bank Group has reset its priorities to reflect what it described as the ever changing context, complexities and challenges in the global economy and the banking sector.

It has, therefore, categorized its priorities in separate themes which bother on strengthening its customer relations; keeping to its brand promise of ‘Here for Good’; transforming its business operations through innovation and digitization and ensuring an active collaboration between its global network and local presence.

The bank also intends to build businesses that are fit for growth while demonstrating operational efficiency and flexibility in the way things are done; creating next generation leaders as well as deliver superior financial results.

The Chief Executive Officer of the bank in Ghana, Mr Kweku Bedu-Addo, reemphasised these at the bank’s recently held Annual General Meeting in Accra.

“In many ways, our business in Standard Chartered Bank Ghana has over the years recognized the importance of most of these themes but they also serve as timely reminders to remain on course and to ensure ownership of these priorities across the entire workforce”, he said.

According to him, the bank’s success in adopting these priorities will inevitably led to the creation of value for the benefit of the bank’s stakeholders.

The bank’s profit after tax rose by 75 per cent from the 2011 figure to GH¢136m in 2012 while it also recorded an income of GH¢282m which represents a 30 per cent rise from the previous year’s figure.

The basic earnings per share has therefore reached GH¢1.16, representing a 75 per cent rise while the overall balance sheet of the bank also registered an impressive 22 per cent growth to GH¢2.4bn.

At the Wholesale Banking section of the bank, GH¢168m was recorded as Operating Income, representing a 25 per cent increase while profit before tax at hit GH¢127m representing a 51 per cent rise from the previous year’s figure.

Consumer banking level also showed strong growth on the back of its strategic transformational journey, delivered a strong financial performance.

It recorded a 39 per cent rise in operating income to GH¢114m and a 43 per cent rise in profit before tax at GH¢43m.

In spite of the bank’s achievements, the Chief executive Officer of the bank acknowledged the situation in the global economy.

“Global economic challenges will still linger around as the major economies continue to adjust from unsustainable debt levels”, Mr Bedu-Addo said.

“This process is further complicated by the influence of national politics and partisan or ideological differences in the right policy tools required to counter this crisis”, he added.

He said it may therefore take some time for the world economy to rebound to pre-crisis levels in 2008 adding that the “global regulatory framework will also continue to make more demands on banks by way of usage of capital, treatment of customers, products suitability and customer appropriateness and greater transparency”.

The Stanchart CEO was of the view that social pressure would require that banks deliver more social usefulness.