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Annual Report and Accounts 2007

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Annual Report and Accounts 2007 Annual Report and Accounts 2007 Get more on-line Leading the way As part of our policy to minimise our environmental impact, we have provided more information on our Standard Chartered aims to be Ghana’s best business on-line. international bank. With over 700 people employed in more than 19 locations, we are well positioned For more information visit: www.standardchartered.com to achieve growth from opportunities in some of Ghana’s most exciting and diverse product segments and client sectors. A guide to our on-line investor website We are leading the way through our: Information on the Group Information on building a sustainable business www.standardchartered.com www.standardchartered.com/sustainability Our website contains comprehensive information We have just re-launched the sustainability section Leading • Growth client sectors on Standard Chartered. of our website. On this site you will find details of Log on to find out more about our innovative our approach to building a sustainable business, • Innovative Products and Services product offerings and financial solutions. policies and procedures and progress against There is also an interactive timeline on the our priorities. • Talented and Diverse Teams rich history of our Group. the way Investor information Our approach to people management • Sustainable Business Strategy www.investors.standardchartered.com www.standardchartered.com/careers in Ghana You will find detailed information on our corporate To find out more about our approach to people governance practices, current debt ratings and management and career opportunities at Standard recent press releases on this section of our Chartered, please log on to our Careers section. For more information visit: www.standardchartered.com/gh website. The online version of our Annual Report The information here includes Diversity and and Accounts can also be found here. Inclusion, employee engagement and how we develop, reward and recognise our employees. What we stand for Strategic Intent To be the world’s best international bank Leading the way in Ghana Brand Promise Leading by Example to be The Right Partner Values Trustworthy Responsive Creative International Courageous Approach Participation Competitive Positioning Management Discipline Focusing on attractive, growing Combining global capability, Continuously improving the way we work, markets where we can leverage our deep local knowledge and creativity balancing the pursuit of growth with firm relationships and expertise to outperform our competitors control of costs and risk Commitment to Stakeholders Customers Our People Communities Investors Regulators Passionate about our Helping our people to Trusted and caring, A distinctive investment Exemplary governance customers’ success grow, enabling individuals dedicated to making delivering outstanding and ethics wherever delighting them with the to make a difference and a difference performance and we are quality of our service teams to win superior returns © Standard Chartered PLC. All rights reserved. The STANDARD CHARTERED word mark, its logo device and associated product brand names are owned by Standard Chartered PLC and centrally licensed to its operating entities. Registered Office: 1 Aldermanbury Square, London EC2V 7SB. Telephone +44 (0) 20 7280 7500. Principal place of business in Hong Kong: 32nd Floor, 4-4A Des Voeux Road, Central, Hong Kong. Registered in England No. 966425. Our International Footprint At the core of global trade flows Middle East Standard Chartered in the Middle East • Current account and budget Over 3,000 employees in 39 branches surpluses over 20% of GDP • Long banking history – 50 years in the UAE; Asia since 2004 86 years in Bahrain North East Asia’s export growth • $800bn investment expected in • Appointed as the official clearing bank for the to China increased 16%, infrastructure over the next five years Dubai International Financial Exchange compared with a 1.2% export • Economic growth at an average • First bank to create a world class business growth to the US of 7% p.a. hub in Dubai International Financial Centre • Exports took a 73% share of South East Asia’s GDP in 2006, compared with 48% in 1996 • $500bn investment expected in infrastructure in India over the next five years, with the economy growing at around 8% p.a. Standard Chartered in Asia 150 years in Asia – first branches opened in Calcutta, Shanghai and Mumbai in 1858, followed by branches in Hong Kong and Singapore in 1859 • Over 80% of total Group staff work in Asia The Americas • Largest international bank in India & Pakistan Latin America’s exports increased by • Locally incorporated in 21% to $429bn in 2006 China in 2007 • Latin America’s exports to Asia • Over 80% of Group’s profits increased by 24% to $62bn in 2006 generated from Asia • China & South Korea are the top trading partners with Latin America Africa Standard Chartered in Africa • Foreign Direct Investments • Over 5,500 employees in over 140 to Africa doubled in 2006 - branches spread across 13 countries China is top provider in Sub-Saharan Africa • Africa-China trade • Local subsidiaries listed on the stock Standard Chartered in the Americas up 10 fold in less than exchanges of Botswana, Kenya, Ghana, a decade to $55.5bn Zambia and Uganda in 2006 Over 100 years in the Americas, with • Long banking history - 145 years in Africa over 500 employees • $144bn cleared daily, making Standard Chartered the 8th largest US dollar clearing house in the US • Standard Chartered handles 30% of Chile’s Letter of Credit business with Asia Regional facts Standard Chartered facts Trade flows Standard Chartered is well positioned to capitalise on the growing Our Offices Asia Nepal Middle East Africa Europe Americas international trade flows as a result of our broad geographical Afghanistan Pakistan Bahrain Botswana Ireland Argentina Standard Chartered is Australia Philippines Jordan Cameroon Jersey Bahamas headquartered in London footprint, the depth of our customer relationships, delivery of our Bangladesh Singapore Lebanon Cote d'Ivoire Switzerland Brazil where it is regulated by the Brunei South Korea Oman Ghana Turkey Canada UK’s Financial Services Cambodia Sri Lanka Qatar Kenya UK Colombia product capabilities and the expertise of our people. The Group Authority. The Group’s head China Taiwan UAE Nigeria Falkland Is. office provides guidance on Hong Kong Thailand Sierra Leone Mexico is investing in dynamic markets and benefiting from the shift in governance and regulatory India Vietnam South Africa Peru standards. Our Wholesale Indonesia Tanzania US economic power from West to East. Banking team in London Japan The Gambia Venezuela plays a key role in serving Laos Uganda corporate clients and financial Macau Zambia institutions doing business Malaysia Zimbabwe in our markets. Mauritius For more information visit: www.standardchartered.com Contents Business Review 2 2007 Highlights 4 Notice and Agenda 5 Five Year Financial Summary 6 Ghana Overview - Our Business 8 Chairman’s Statement 10 Chief Executive’s Review 14 Leading Across Our Growth Sectors 16 Leading With Innovative Products and Services 18 Leading Through Our Talented And Diverse Teams 20 Leading With Our Sustainable Business Strategy Corporate Information 23 Corporate Information 24 Board of Directors 26 Report of the Directors Financial statements and Notes 27 Independent Auditor’s Report 28 Income Statement 29 Statement Of Recognised Income And Expense 30 Balance Sheet 31 Cash Flow Statement 32 Notes to the Financial Statements Form of Proxy Get More Online Please visit us at www.standardchartered.com/gh for more information. w 2007 Highlights e i v e R s s e n i s u A year of continued strong performance B We recorded a strong performance in 2007, reflecting the resilience of our businesses in a dynamic market. Our strong balance sheet and healthy liquidity profile has put us in a strong position to seize the business opportunities that are unfolding in the financial services industry. Financial highlights Operating income Profit before taxation Total assets For more information visit: www.standardchartered.com/gh GH¢93m GH¢43m GH¢809m 2006: GH¢85m 2006: GH¢47m 2006: GH¢711m 2005: GH¢71m 2005: Gh¢36m 2005: GH¢514m Operational highlights Earnings per share Return on equity Dividend per share • Strong earnings: Operating income exceeded GH¢92.7 million and profit before tax stood at Gh¢43.2 million. GH¢1.88 37% GH¢1.45 2006: GH¢1.75 2006: 38% 2006: GH¢1.30 • Broad-based growth: Headline income grew 9.2 per cent. 2005: GH¢1.32 2005: 36% 2005: GH¢1.15 • EPS growth: Earnings per share increased 7.4 per cent to GH¢1.88. Non-financial highlights • Strong balance sheet: The Bank's liquidity and capital positions remain Employees Locations Nationalities comfortably above the Central Bank’s targets. 717 19 10 2006: 679 2006: 19 2006: 10 • Consumer Banking: launched Bancassurance, Business Instalment Loan 2005: 600 2005: 19 2005: 9 and Access 247 to enhance our CB offerings. • Wholesale Banking: Introduced RFX Powerhouse and Straight2Bank to give a further boost to our WB propositions. 0 7 3 9 . 4 9 0 5 8 0 4 3 . 1 5 1 4 0 1 8 3 7 1 6 0 . 3 3 5 3 1 1 1 4 4 1 3 7 7 1 . 7 5 6 3 0 0 . 6 6 4 0 5 1 4 6 5 9 3 03 04 05 06 07 03 04 05 06 07 0 03 04 05 06 07 Total assets Operating income Profit before Dividend per (GH¢’m) (GH¢’m) taxation (GH¢’m) share (Ghp) 2 Standard Chartered Annual Report and Accounts 2007 www.standardchartered.com 3 Notice and Agenda Notice is hereby given that the Annual General Meeting of Standard Chartered Bank Ghana Limited will be held at the National Theatre opposite the Efua Sutherland Children’s Park, Ridge, Accra on Wednesday, 30th April, 2008 at 11.00 a.m. for the ordinary business of the Company.
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