Standard Chartered Bank’s Q3 2024 profit reaches GHS 564 million; NPLs rise to 30.73%

Standard Chartered Bank (SCB) Ghana reported a strong 47.4% year-on-year increase in assets, reaching GHS 17.1 billion in Q3 2024, up from GHS 11.6 billion in Q3 2023. This growth was driven by a 19.7% rise in cash and cash equivalents, a 24.1% increase in investment securities, and a 7.3% gain in loans and advances.

Liabilities also rose by 24.9%, totaling GHS 15.07 billion. SCB’s profit-after-tax increased modestly by 7.4% to GHS 564 million. However, challenges emerged as the Capital Adequacy Ratio fell to 18.26%, and the non-performing loan (NPL) ratio sharply rose to 30.73%, highlighting asset quality concerns and the need for improved loan recovery strategies.