Stanbic Bank Ghana continues to exhibit resilience in business growth and profit despite the challenging economic environment, recording a profit-after-tax of GH405 million last year, a 26 percent increase in profits over the same period in 2020.
This was revealed in the bank’s annual financial reports for 2021, which were released on March 29.
Despite the country’s pressured business climate in the year under review, the excellent result was accomplished, according to the report.
“Our solid financial achievements continued in 2021, with profit after tax increasing by 26% to GH405 million compared to the same time in 2020. Over the same time period, the bank’s cost-to-income ratio dropped from 53 percent to 48 percent. Underpinning the bank’s performance are our strong asset quality, diverse revenue sources, and controlled credit losses and operating costs. These results were achieved despite a stressed business climate, and a high effective tax rate of 38%,” the report said.
Chief Executive of Stanbic Bank Ghana Kwamina Asomaning said the strong performance last year is a good launchpad to be more innovative in producing consistently positive customer experiences for our clients.
He said: “Our customers and our franchise have demonstrated a resilience, not just to weather the storm but also, to be intentional about adapting to challenging circumstances. The path ahead is one where we, as a bank, commit to partnering with stakeholders in innovative ways which enable their aspirations to be met. Our own success is wholly contingent upon how well we do this. We will continuously measure our success against it, while staying true to our culture of doing the right business, the right way.”
Kwamina Asomaning further shared his ambition for the future of the bank drawing on the bank’s ability to adapt to changes and to innovate.
According to the Chief Executive, “My ambition is for Stanbic Bank to be a leader in innovation. In today’s economic and fiscal environment, it is only through leading in innovation that we will be nimble enough to face opportunities when they arise, and prepared enough to mitigate challenges as they occur. Being a leader in innovation will mean we can apply our creative talents to improve customer solutions, enhance business processes and develop our technologies.”
“Doing so will enable us to generate recurring and sustainable value for all our stakeholders. Achieving this goal is fundamentally impossible without deep cross-functional collaboration, and a culture which promotes agility, continuous improvement, and excellence. Therefore, we will focus our efforts and our resources on precisely these things. In 2022, we will ramp up our innovation investments and intensify our digital transformation activities such that we convert our long-held ambitions into tangible outcomes,” he added.
