Full year results for Standard Chartered Bank Ghana were held back by numerous charges. Earnings only rose 0.5%. One off IT and restructuring charges of GHS 14.0m (US$11.0m) were made.
On the positive side, net interest income rose 19% and the loan book rose 60%.
The headline cost/income ratio rose to 61% but adjusting for the charges the cost/income ratio fell to 49%.
We visted the company last year and like the management and approach.