Standard Chartered Bank has attributed the substantial growth in its interest expenses to the huge funds it borrowed within the group for some investments.
The banks half-year results revealed that interest expenses shot up substantially by 107% from GHc16 million to GHc33 million.
This, the bank attributed to borrowing at market rates to invest into some government bonds.
The Executive Director at the bank-in-charge of Finance Sanjay Rughani made this known at the banks turn at the “Facts behind the Figures” session at the Ghana Stock Exchange.
"The benefit I have in doing business with the group is that they are not worried about the risk they are taking on Standard Chartered Bank Ghana because they understand so I can leverage on that position at anytime if I do need those inflows," Rughani stated.
He assured shareholders of exciting times to come in the final quarter of the year, assuring stakeholders of the banks plans to double its profits for the next half of the year.
The bank however posted quite an impressive performance for the first six months of the year.
Earnings from loans and advances grew by 58% whiles profit went up by 3% or just about GHc1 million over the same period last year.
The bank’s stock has been one of the most sought after by investors on the Accra bourse.
The banks half-year results revealed that interest expenses shot up substantially by 107% from GHc16 million to GHc33 million.
This, the bank attributed to borrowing at market rates to invest into some government bonds.
The Executive Director at the bank-in-charge of Finance Sanjay Rughani made this known at the banks turn at the “Facts behind the Figures” session at the Ghana Stock Exchange.
"The benefit I have in doing business with the group is that they are not worried about the risk they are taking on Standard Chartered Bank Ghana because they understand so I can leverage on that position at anytime if I do need those inflows," Rughani stated.
He assured shareholders of exciting times to come in the final quarter of the year, assuring stakeholders of the banks plans to double its profits for the next half of the year.
The bank however posted quite an impressive performance for the first six months of the year.
Earnings from loans and advances grew by 58% whiles profit went up by 3% or just about GHc1 million over the same period last year.
The bank’s stock has been one of the most sought after by investors on the Accra bourse.
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