Standard Chartered Bank’s earnings report posted a profit before tax for the first quarter of 2017 reached GH₵119 million.
According to the bank’s earnings report, profit posted represents an 18 percent increase over the GH₵101 million recorded for the same period in 2015.
The bank says its positive financial performance over the last year was mainly driven by “focus on our strategy of recovering impaired assets.”
The Bank’s balance sheet remains strong, liquid and well capitalized, the report said.
A statement released by the Bank said, “the macroeconomic environment generally improved towards the end of the quarter following uncertainties in the beginning of the year.”
Commenting on the first quarter performance Chief Executive of the Bank, Mansa Nettey said, “our performance will continue to trend positively as improving market conditions are sustained.
“Our focus in 2017 remains one of preserving the right financial framework and creating shareholder value”
Operating income increased by 8 percent to GH₵162 million compared to GHS152 million in March 2016.
Net impairment recovery on assets was GH₵12million against a prior year charge of GH₵2 million.
The Chief Financial Officer, Kweku Nimfah-Essuman, commented; “the Bank will continue to take initiatives that will deliver results and returns in line with investor and shareholder expectations