By: Yaw Sarpong
Standard Chartered Bank Ghana Limited has been adjudged the ‘Best Subcustodian bank’ in Ghana by the Global Finance Awards 2014.
The strength of the Bank’s customer relations, quality of service, competitive pricing, technology platforms and knowledge of local regulations and practices were cited by the Global Finance team as key factors in the selection criteria.
Over the years, the Bank’s custody business has been a reliable provider of quality and efficient service for its clients in Ghana; having witnessed a very strong performance, since a decision was made to acquire the business in 2010.
The unit continues to serve as a strong link to the Bank’s Corporate and Institutional and Retail Clients segments and has also helped in establishing Standard Chartered Ghana as among the top three most profitable and performance-driven Banks in Ghana.
In announcing the award, Joseph Giarraputo, publisher and editorial editor of Global Finance said, “As custodians deal with increased liability under regulations, they are seeking the safest and best subcustodians with whom to entrust their client assets and Standard Chartered Ghana has shown the consistency and proven to be the most efficient and reliable in Ghana.”
On his part, the Area Head of Transaction Banking, West Africa at Standard Chartered Bank, Mr. Victor Asante said their confidence in acquiring the business in 2010 has paid off greatly.
“We are proud of our achievements and consistency over the years. It is most refreshing to note that these have been noticed by Global Finance. As a Bank, our overall strategy is to bank the people and companies who are driving investment, trade and the creation of wealth in Ghana and we remain committed to this agenda”.
The awards ceremony will be held at the Global Finance 2014 Transaction Processing Awards Ceremony on Wednesday, October 1, 2014, at the Harvard Club of Boston.
Meanwhile, the bank recorded a 40% growth in income to GHc420 million and a 60% growth in profits before corporate tax and the National Stabilization Levy to GHc273 million.
Stanchart wholesale banking income grew by 59% to GHc267 million while its operating profit before tax grew by 60% to GHc203 million.
The bank consumer banking income grew by 34% to GHc153 million while its profit before tax grew by 63% to GHc70 million, while earnings per share (EPS) grew by 52% to GHc1.77. Also, return on equity (ROE) was 43% while the cost-to-income ratio was 31%.