Standard Chartered Bank Ghana Limited has blamed the bank\u2019s poor performance in 2015 financial year to Ghana\u2019s economic challenges.<\/p>\n
[contextly_sidebar id=”N8zckzvMwT6tnmRgz57MAszvP5FJ4o8m”]According to the bank, massive disruptions including the cedi depreciation, energy challenges, and Forex volatility among others in the economy contributed largely to the bank\u2019s massive dip in its profits for 2015.<\/p>\n
Stanchart\u2019s profits for 2015 dropped to 66,148,000 cedis from the 208,271,000 cedis recorded in 2014.<\/p>\n
Total liabilities also dropped to about 2.8 billion cedis in 2015 from the about 2.9 billion cedis recorded in 2014 as total assets also saw a decline to about 3.3 billion cedis in 2015 from the 3.5 billion cedis recorded in 2014.<\/p>\n
Speaking to Citi Business News<\/strong> at the sidelines of the facts behind the figures by the Ghana Stock Exchange, the Chief Executive Officer of the Standard Chartered Bank Ghana Limited, Kweku Bedu-Addo, said the bank was on the road to recovering as it restructures and recovers loans in 2016 to generate returns for shareholders.<\/p>\n \u201cIt was not what we anticipated but the reality is that there were economic challenges coming out of slow GDP growth for two consecutive years, sub-four percent; macro-economic volatility and on top of that depreciating currency as well as that of three years of fuel crisis\u2026.even the cost of running a business off-grid. When these affect not just households but businesses, then it is inevitable that the repayment capacity becomes stressed,\u201d Kweku Badu Addo explained.<\/p>\n On the way forward for the bank,Kweku Bedu-Addo said,<\/p>\n \u201cA lot of companies are on a new cycle\u2026 so you have got to restructure around the new operating realities. There is a combination of economic environment prudential guidelines, own risk policies and making sure we generate returns for shareholders,\u201d The Stanchart CEO added.<\/p>\n –<\/p>\n By: Norvan Acquah-Hayford\/citifmonline.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":" Standard Chartered Bank Ghana Limited has blamed the bank\u2019s poor performance in 2015 financial year to Ghana\u2019s economic challenges. [contextly_sidebar id=”N8zckzvMwT6tnmRgz57MAszvP5FJ4o8m”]According to the bank, massive disruptions including the cedi depreciation, energy challenges, and Forex volatility among others in the economy contributed largely to the bank\u2019s massive dip in its profits for 2015. Stanchart\u2019s profits for […]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":[],"footnotes":""},"categories":[121,32,11],"tags":[],"class_list":["post-197898","post","type-post","status-publish","format-standard","hentry","category-banking-and-finance","category-business","category-top-stories"],"_links":{"self":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/197898","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=197898"}],"version-history":[{"count":0,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/197898\/revisions"}],"wp:attachment":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=197898"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=197898"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=197898"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}