Operating expense decreased by 15 per cent to GHC194m compared to GHC227m in 2015 resulting from continued focus on our cost management strategy and gains from operational efficiency.
Earnings per share of Standard Chartered increase
Underlying operating income of GH¢621m was up 17 per cent over the previous year as a result of stable underlying business.
The bank said in a statement on Tuesday said "The effects of the above drivers resulted in increase of pre-tax profit by 279 per cent to GH¢346m from GH¢91m recorded in 2015."
The statement added that the challenging economic conditions and external headwinds experienced over the past three years continued to persist into 2016, albeit slower than previous years, impacting businesses further.
It said the Bank had, however, remained focused on its strategy of preserving the right financial framework and creating shareholder value.
Kweku Nimfah-Essuman, Chief Financial Officer of the bank said "We continue to ensure a resilient balance sheet in an uncertain economic environment, tighten risk tolerance, remain cost efficient and seek diverse opportunities to drive sustainable growth into the future."
Commenting on the results Kweku Bedu-Addo, outgoing Chief Executive Officer of Standard Chartered Bank Ghana Limited, said "I remain confident that the financial performance of this business will continue to trend positively in line with market expectations over the coming years".
Standard Chartered is a leading international bank, with over 1000 employees and a 120-year history in Ghana and some of the world’s most dynamic markets.
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