Standard Chartered Group delivers record performance
…In Ghana, Standard Chartered announces high performance trend
Accra, April 30 2008: Standard Chartered Group has delivered another strong performance for the year ended 31 December 2007 with operating profit before tax (OPBT) rising 27 per cent to a record $4.04 billion and operating income increasing 28 per cent to $11.07 billion. Normalised earnings per share increased 16 per cent to 197.6 cents. The board has announced a dividend of 79.35 cents per share, up from 71.04 cents for 2006.
Growth in underlying income was at 23 per cent against 18 per cent, with 80 per cent of the operating income growth coming from organic businesses. Both Wholesale and Consumer Banking showed strong income momentum across all client segments and product categories, with both businesses contributing well over $1 billion of incremental income for the year. Both the businesses increased OPBT by 27 per cent.
Commenting, Peter Sands, Group Chief Executive, said: “Despite the turbulence, shocks and uncertainties in financial markets, we have once again delivered record profits. We haven’t done this by slowing down or squeezing the businesses - we invested behind both our wholesale and consumer banking businesses at record levels last year. There is more breadth and scale in the Group and our strong performance in 2007 is spread across multiple products and multiple geographies.”
In Ghana, Standard Chartered’s performance mirrored Group trends. The highlights of its 2007 full year results include the following:
- Profit after tax up by 7.4 percent to GHS33 million
- Net interest income went up by 11 percent to GHS64 million
- Earnings per share by 7.4 percent to GHS1.88
- Dividend per share up 11.5 percent to GHS14.5
- Loan and advances grew by 20 percent to GHS287 million
- Customer deposit went up by 20 percent to GHS535 million
From 2001 to 2007, the Bank’s profit before tax (PBT) and earning per share (EPS) have grown over 170 percent and 155 percent respectively. During this same period, Standard Chartered Ghana’s share price surged from GHS2.1 to GHS26, registering a growth rate of over 1,100 percent. The Bank’s dividend yield continues to lead the official list of the Ghana Stock Exchange as the most rewarding stock for investors.
Commenting, Ebenezer Essoka, CEO for Central and West Africa, said: “This is a clear demonstration of the strength and resilience of our business and the capability of our team in delivering sustainable earnings in 2008 and beyond. We remain passionate about the brand promise and will continue to focus on delivering superior results. I congratulate all our stakeholders for their contribution to the overall performance of the bank.”
2007 has been a year of consolidation and turnaround for Standard Chartered in Ghana, having overcome the challenges of the marketplace with its world class risk management tools and the introduction of appropriate infrastructure to support its aspirations. Standard Chartered’s foundation for efficient growth has been further solidified in all profitable segments of the market. This was accomplished in the context of unprecedented high cost to its operations related to energy crisis, regulatory requirements etc.
Going forward, we will continue to champion the development of a sustainable business by focusing on the following key pillars:
- Sustainable finance
- Protecting the environment
- Community investment
- Access to financial services
- Great place to work
- Tackling financial crime
- Responsible selling and marketing
In Ghana, Standard Chartered is clearly armed with the right strategic agenda. Our core product range has been refreshed and enhanced, making our business better positioned to sustain performance.
For more information, please contact:
Nii Okai NunooArea Head of Corporate Affairs, West Africa
Tel: +233(0)21 669688 Fax: +233 (0) 21 661676
Nii-Okai.Nunoo@standardchartered.com