Stanchart eyes  SME sector Featured

Apr 05, 2017

The CEO of Standard Chartered Bank Ghana, Mansa Nettey, has said the bank would pursue opportunities in the small and medium scale enterprise (SME) sector, manufacturing and commerce as well as the services sectors. 

She made this known at the bank's investor conference in Accra adding that the bank would continue with its prudent strategies that had led to a strong performance in 2016 after a challenging year in 2015.

The bank last year posted a profit after tax of GH¢224.5 million, as against GH¢61.1 million figure recorded in 2015.

Total assets of the bank grew by 30 per cent from GH¢3, 369 million in 2015 to GH¢4,374 million in 2016.

Speaking on the facts-behind-the figures, Mrs Nettey said digitisation, rationalisation, investment in customers and clients as well as opportunistic assets growth would continue to be the cornerstone of the bank’s strategies to build on the gains. 

She however noted that given the external environment the bank would thread cautiously in growing its loan book. 

The Stanchart CEO said she expected better performance in 2017 on the back of a stable cedi, which could impact positively on the performance of entrepreneurs after the income of the bank soared by 17 per cent from GH¢531.1 million in 2015 to GH¢620.8 million in 2016, while the interest income also year-on-year increased by 23 per cent from GH¢374 million to GH¢460 million in 2016.

On the downwards trending of the central bank’s policy rate from 25.5 percent to 23.5 percent, Mrs Nettey was confident the move would improve the business environment and help the bank grow its assets.

“We are also happy to see the policy rate begin to trend downwards. As the economy improves our clients will do better,” She added.

Executive Director and Chief Financial Officer of Standard Chartered Bank Ghana Limited, Kweku Nimfah-Essuman said the bank was well capitalised and liquidated to take on any big ticket project and meet the financial needs of customers.

He also observed that the Non-Performing Loans (NPL) recorded last year was due to the banks over exposure to the manufacturing, commerce and industry sectors and was working closely with its clients to recover the loans advanced to them.