Bloomberg News

Standard Chartered’s Ghana Unit Profit Rises as Impairments Fall

February 28, 2012

Standard Chartered Bank Ghana Ltd. (SCB), the second-biggest lender on the Ghanaian bourse, said full-year profit rose as impairment charges declined.

Net income climbed 7.6 percent to 77.7 million cedis ($45.7 million), the Accra-based lender said in a statement e-mailed by the Ghana Stock Exchange (GGSECI) today. The bank’s operating expenses declined by 9.2 percent to 93.5 million cedis while impairment losses decreased 28 percent to 9.8 million cedis, the bank, a unit of London-based Standard Chartered Plc, said.

“The bank will tend to ride on its competitive advantage for growth this year, such as its strong balance sheet that supports huge deals,” Randy Mensah, a stock trader at Accra- based Databank Financial Services Ltd., said in an e-mailed response to questions.

Net interest income, the money earned from lending, decreased 1.5 percent to 150.4 million cedis even as loans granted increased 28 percent to 596.7 million cedis, the bank said. Investments in short-term government securities almost tripled to 170.1 million cedis, Standard Chartered Bank said.

Standard Chartered Bank’s shares rose 0.6 percent to 49.8 cedis by the close of trading in Accra, the capital.

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net.


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