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Annual Report 2020 1 2 STANBIC BANK GHANA Annual report 2020 1 2 Contents Our success and growth over the long 02 Our strategy and value creation term is built on making a difference 04 Chairman’s report 06 Chief executive’s report in the communities in which we 09 Financial review operate. 13 Corporate governance overview 14 Board of directors Stanbic Bank is one of Ghana’s topmost banks. The 16 Executive committee bank’s original vision was to understand its customers better, have people with strong 17 Corporate governance report knowledge of local business conditions and to do 21 Directors and advisors a better job of connecting borrowers with 22 Report of directors lenders. This vision created the platform for the kind of bank it would become and the 23 Independent auditor’s report ANNUAL qualities on which its customers and clients would come to rely. Over its history, Stanbic Bank has grown from a few staff members to over 831 today, and Annual financial statements REPORT extended its roots deep into the fabric 27 Statement of financial position of Ghanaian society. We have evolved and adapted along with our 28 Income statement 2020 customers and clients, growing a 29 Statement of other comprehensive rich heritage while nurturing and income protecting our reputation. 30 Statement of changes in equity 32 Statement of cash flows 33 Accounting policy elections 57 Notes to the financial statements Annexure 125 Value added statement STANBIC BANK GHANA 3 Annual report 2020 4 Our strategy is centred on our commitment to Ghana and directs our growth and evolution to the shared benefit of our clients, our people and all our stakeholders. It allows us to lead with purpose, to build a better business, and to position our footprint and platform for the future Our key focus areas work together to ensure we offer our clients everything they need in the most effective way possible. Our values serve as beacons for the behaviour and Our values-driven qualities that define us at our best as we execute our strategy. culture • Being proactive. Our culture is ‘the way we do things’. Our work to shift our The way we work/The way we win Ethics • Constantly raising the bar. • Working in teams. culture for the better • Delivering to our stakeholders. recognises that how we do things is as important as the Behaviours • Respecting each other. things we do. Our culture is Client centricity requires that our people and processes • Serving our customers. are outwardly focused on our clients as their needs and determined by our purpose, CLIENT CENTRICITY Principles • Upholding the highest levels of integrity. expectations change. This means we align the way we plan, vision, values and our places our clients at • Growing our people. approach to ethics. Our code deliver and execute work, doing the basics brilliantly and the centre of consistently so that we can do what our clients value. of ethics guides us to be everything we do. responsible and respectful in our dealings with all our WE ARE WORKING TO: stakeholders as we work to See clients as real people, not numbers. become Ghana leading Provide our clients with relevant solutions. Our strategy financial services Be a trustworthy partner on our clients’ growth journeys. organisation. It outlines Do the basics brilliantly and deliver on our promises quickly, acceptable business conduct efficiently, reliably and respectfully. BUSINESS and is an important reference point for LINES employees acting on behalf CORPORATE Universal capabilities of the Bank. These clearly FUNCTIONS defined parameters empower us to make faster, • Shared • Internal more confident decisions Digitisation is more than just technology – Services Audit PBB that have the interests of our it is about delivering the full range of financial • IT • Legal clients, and the people of Our purpose Ghana at heart. DIGITISATION services through secure, personalised, relevant Ghana is our home, we • Governance means enhancing our and digitally enhanced experiences to our clients CIB drive her growth with • Finance We are focusing on three products and and employees in real-time, all the time. innovative and • Human critical behaviours that will processes to best-in-class solutions. Capital shift our culture and make continually improve WE ARE WORKING TO: • Marketing the most difference in how we meet our Ensure that the services our clients and employees and Comms Our clients Wealth supporting our strategic clients’ and need are consistently available, anywhere, anytime – journey: employees’ needs. irrespective of channel. • Compliance Client service teams Use data proactively to guide our decisions, discover • Risk • Connect every team’s Our vision work to the group’s valuable insights and deliver personalised experiences. To harness all resources broader objective of Remove friction, paper-based processes and waste to ensure in customer centric serving our clients with intuitive, easy to use, reliable interfaces for our clients and manner to deliver integrity. employees. sustainable superior OUR SOLUTIONS • Create common goals Create a workplace that encourages curiosity, digital thinking shareholder value. across different areas and and continuous improvement for quick and frequent refinement of follow through urgently. ideas and brilliant delivery. *Asset *Stock Banking management Bancassurance brokerage and • Enable people to take advisory ownership of their work and help to remove obstacles. * Provided by our related companies Offering a complete range of financial services follows from our commitment to client centricity and reinforces the Our INTEGRATED competitive advantages of our scale, scope and expertise. FINANCIAL This means that our business units, legal entities and SERVICES offering corporate functions must work as an integrated whole to Our strategic value drivers delivers holistic service our clients’ financial needs in a seamless way. help us focus our efforts and measure the progress solutions which are towards delivering on our strategy and vision. relevant to our WE ARE WORKING TO: clients. Seamlessly and efficiently deliver an integrated financial services group, so our clients have access to and experience all our propositions relevant to their needs. CLIENT EMPLOYEE RISK AND FINANCIAL SEE FOCUS ENGAGEMENT CONDUCT OUTCOME IMPACT BUSINESS REVIEW STANBIC BANK GHANA 5 Chairman’s report Annual report 2020 6 PROFESSOR ERNEST ARYEETEY - CHAIRMAN services online through our virtual Corporate and Investment Banking branch. This greatly helped in the (CIB) and Executive Director of the situation we found ourselves where Bank, subject to regulatory approvals. minimal physical interaction was On behalf of the shareholders and the needed to stay safe. other members of the Board, I wish to Chairman’s report congratulate all the new board We also continued to serve clients as members and extend our sincere "Profit after tax for the year of GHS326 million was a 16% growth on prior an integrated financial services welcome. We look forward to spending year. Total assets rose from GHS9.3 billion in 2019 to GHS12.7 billion in 2020, organisation and introduced industry- fruitful times in steering the affairs of specific insurance value propositions the Bank together. a growth of 37%, while total equity closed the year at GHS1.68 billion.” across key sectors of the economy, including Agriculture, Oil & Gas, Outlook for 2021 Manufacturing, Power & Utilities and Construction. We were also able to Indeed, 2020 was a year like none +16% +37% leverage on our offshore banking teams other, where our existing way of doing Profit Total Bank business was challenged and forced after tax assets to grant our private clients access to increased opportunities to efficiently most businesses to accept the “new GHS12.7Billion GHS326 Million manage their assets. normal”. In essence, it accelerated the 2019: GHS281 Million 2019: GHS9.3 Billion digital transformation journey of most Board Changes sectors, especially the financial services industry. We will continue to invest in 2020 represented a major milestone our technological infrastructure which for the board as our long serving Chief should improve client experience and Executive summary helped the country maintain stability production improved, whilst increased credit flow. Most banks were able to Executive, Mr Alhassan Andani, who help us deepen client relationships. over the years. consumer consumption helped to raise gain client acceptance and adoption of had been at the helm of affairs for over The year 2020 was like none other had Acknowledgement prices. It is, however, uncertain if the their digital solutions, which is expected 14 years retired from active service of been in decades. Lockdowns, curfews, Ghana has a cordial diplomatic improving economic growth will be the Bank. work from home and governments relationship with its neighbours and to improve operational efficiencies The pandemic created unprecedented sustained as the pandemic is yet to be across the industry. This will help engaging in an almost synchronised across the continent as it seeks to Mr Andani was instrumental in growing challenges for various economies, brought under control. Notwithstanding sustain the industry amid the injection of massive economic support deepen its trade ties with them going the bank from four (4) branches to organisations and households. That the emergence of a second wave, it is uncertainties in the environment. became commonplace following the forward. During the year, the African anticipated that the roll out of
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