For the first nine months of 2018, the Ghanaian subsidiary of the British group Standard Chartered Bank declared a net benefit of GHC175 million ($36 million). This represents a drop by 24.4% compared to that realized during the same period in 2017 (GHC231.4 million).
The bank made no direct comments about the performance but, it should be noted that it performed well in a rather complex banking market and in an environment which prompted it to multiply its social capital by three and comply with the central bank’s requirements.
Its banking operating account of GHC539.6 million had risen by 10% compared to the YoY performance. However, the bank had to bear strong depreciation provision for some of its financial assets. From GHC18.1 million in September 2017, it rose to GHC93.8 million in September 2018.
Let’s note that the IFRS 9 standard which required potential risks to be accounted for by financial institutions contributed to the rise of this depreciation. This standard generated a provision of GHC16.4 million but, apart from that, normal provision multiplied about four times to reach GHC77.3 million.
Idriss Linge
The acquisition signals rising confidence in Africa’s digital infrastructure as a viable, long-term ...
The fintech leaders primarily emerge from Nigeria, Egypt, Kenya, and South Africa, nations recognize...
By linking ECOWAS countries, the project enhances regional digital infrastructure, which is crucial ...
As digital technologies reshape Africa's job market, digital skills are becoming crucial for youth i...
- Micro, small, and medium enterprises received over half of business loans in WAEMU in 2024 - Bank ...
Senegal and Vietnam discussed digital tech cooperation on July 23. Talks support Senegal’s goal to become a digital hub and expand rural...
Mali approved a $238M World Bank loan to build key roads, including Sandaré-Diéma. Project boosts the Bamako-Dakar trade corridor and rural...
As digital technologies reshape Africa's job market, digital skills are becoming crucial for youth inclusion. Developing these capabilities widely is...
New industrial and trade dynamics are emerging in Africa, driven by renewable energy. The REN21 network analyzes how these value chains could strengthen...
Perched in the rugged heights of the Djebel Nefoussa in northwestern Libya, Qasr Al Haji (also spelled Ghasr Al-Hajj) is a striking example of traditional...
In southeastern Morocco, near the Algerian border, lies Merzouga—a small village at the heart of the Saharan desert, known for its monumental dunes and...