Stanbic Bank Ghana defied economic headwinds to achieve record-breaking financial results in 2023. The bank reported a profit after tax of GHS1.3 billion, representing a significant increase, and total income of GHS3.3 billion, representing a significant increase and the highest in its history.
This impressive performance comes after a challenging 2022, when the bank initially anticipated needing additional capital due to the domestic debt exchange program.
Commenting on the performance, Chief Executive of Stanbic Bank Ghana, Kwamina Asomaning, attributed the growth to the commitment of the staff, and loyalty of clients and customers. He said, “Our 2023 results are even more commendable as we reflect on our situation a year ago, when we believed we would require an equity infusion from our shareholders in response to the severe impact of the domestic debt exchange program (DDEP) on our capital. That we worked so hard to achieve outcomes such that we no longer required the support should be our true point of pride. We are grateful to our board and the Group for their support through the period.”
“Today, I am excited to be reporting a strong set of results for 2023. We generated total income of GHS3.3 billion, profit after tax of GHS1.3 billion, and a return on equity of 58% – each the highest in our history. We also achieved significant growth in our balance sheet. Our total assets increased from GHS18.6 billion to GHS24.7 billion, while our client deposits increased from GHS14.6 billion to GHS18.6 billion. Underpinning these results are modest client activity, tailwinds from higher interest rates, and reversals on provisions for losses on bond and customer loan assets,” Mr. Asomaning added.
Beyond growth in the balance sheet, the bank also contributed significantly to its communities through its CSI initiatives. In the year under review, Stanbic Bank invested GHS6.5 million in community projects and initiatives across the country. The bank’s 2023 initiatives focused on education, health, youth empowerment, financial literacy, entrepreneurship, and agriculture, aiming to support various communities in the country.
The Stanbic Bank 2023 CSI Report noted that, “We are working to continuously increase the positive social, economic and environmental (SEE) impacts arising from our business activities and ultimately increase our social capital. Stanbic Ghana’s purpose, Ghana is our home, we drive her growth with best in-class solutions, is both a statement of why we exist and a description of what we do every day. We are committed to forging a sustainable growth path that benefits both current and future generations. We have embedded the consideration of social, economic and environmental (SEE) impacts into our business strategy and decision-making processes. We take our responsibilities to society and the environment seriously, and we commit to being transparent and accountable for our impacts.”
In his concluding remarks, Kwamina Asomaning urged all staff of the bank to avoid complacency and maintain the high standards the bank has become known for. He also thanked them for their support to the bank. Mr. Asomaning said, “I would like to say a big thank you to all of you for your continuous commitment and support for the vision of our bank. I am grateful for your efforts in rewriting our story. At Stanbic, we continue to prioritize the need to do the right business the right way. Although the robustness of our systems has significantly improved, the difficult external conditions expose us to heightened risks and places severe strain on our customers. We must therefore guard against complacency and continue to maintain high risk and conduct consciousness.”