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09.06.2019 Business & Finance

StanChart To Pay ¢140m Dividend To Shareholders

StanChart To Pay ¢140m Dividend To Shareholders

Standard Chartered Bank Ghana, which recorded an underlying operating profit of GH₵ 325.6 million during the last fiscal year is expected to pay a total of GH₵ 140 million to stakeholders from 28th June this year.

The bank made a dividend of GH₵ 1.04 per share representing 20% of its total income within the 2018 fiscal year.

The operating expenses increased by 17 per cent from GH₵ 244.9 billion in 2017 to GH₵ 286.3 billion million in 2018.

Commenting on the 2018 results of the Bank, the Board Chairman of StanChart Ghana indicated that the Bank is committed to harnessing its potential to deliver value to shareholders and clients in order to ultimately drive the economic development of the country.

He also mentioned that the performance demonstrates good business efficiency, a robust balance sheet and good progress against the Bank's strategic priorities.

The Financial Officer of the Bank, Mr Kweku Nimfah Essuman revealed that the Bank in the 2018 fiscal year recorded a 23% decline in profit before tax.

He further attributed the situation to the rise in impairment charges to GH₵ 91.2 million during the 2018 period of operation.

"we will focus on delivering sustainably higher returns for our clients and shareholders on the back of a stronger and more resilient balance sheet," he added.

The Chief Executive Officer for the Bank, Mensa Nettey noted that the bank was making positive strides in the industry during the 2018 fiscal year but its performance was interjected by Bank of Ghana's regulatory pressures and requirements which affected the Bank's performance.

According to her, the bank will continue focusing on maintaining the right framework supported by a strong balance sheet, to generate significant returns while pursuing further recovery and restructuring of impaired assets.

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