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SCB Annual Report 2010 Final Standard ^ Chartered www.standardchartered.com Seeing is Believing is our global initiative to help tackle avoidable blindness. Visit our dedicated website for more information and ways to support the programme. www.seeingisbelieving.org.uk Standard Chartered §3 Annual Report 2010 Leading the way in Ghana Here for good Standard Chartered Ghana has continued to deliver consistent, diverse and sustained growth while investing to underpin future momentum and building balance sheet resilience Financial highlights Operating income Normalised return on equity Earnings per share GH0218m 37% GH03.75 2OO9:GH0183m I 2OO8:GH0117m 2009:36% 12008: 37% 2009: GH02.99 I 2008: GH01.89 Total assets Proft before taxation Dividend per share GH01,668m GH 0101.5m GH01.27 2OO9:GH01,404m I 2OO8:GH0985m 2009: GH084m I 2OO8:GH043m 2009: GH02.47 I 2008: GH01.50 Non-financial highlights employees Nationalities Branches 986 11 21 2009:8001 2008:760 2009:12 1 2008:11 2009: 2112008:19 Operational highlights • Record income and operating profit for the fifth successive year, • The Bank's strong capital position further strengthened despite ongoing margin compression and the enhanced following a successful rights issue competition in the market • Market share gains in multiple products driven by strong • Broad based and diversified sources of income growth in both volume and activity levels Consumer and Wholesale Banking • Separated the Audit and Risk Committee, established a • Conscious decision to invest to underpin future growth in both Governance Committee. businesses • Launch of new brand promise, Here for good: Here for • Disciplined and proactive approach to risk management with people, Here for progress and Here for the long run loan impairment falling reasonably 3 Standard Chartered Ghana Annual Report 2010 www.standardchartered.com/gh Business review Corporate governance Financial statements and notes Country review 38 Corporate Information 44 Independent Auditor's Report 01 2010 Highlights 39 Board of directors 45 Statement of Comprehensive Income 02 Contents 41 Senior Management 46 Statement of Financial Position 04 Notice and Agenda 43 Report of the directors 47 Statement of Changes in Equity 06 Five-Year Financial Summary 49 Statement of Cash Flows 07 Chairman's Statement 50 Notes to the Financial Statements 09 Chief Executive's review 90 Form of Proxy 13 Our Organisation 14 Our Approach Operating and financial review 15 Standard Chartered Ghana in 2010 17 Consumer Banking 21 Wholesale Banking 25 People 29 Sustainability 35 Risk review About Standard Chartered Bank Ghana Consumer Banking Wholesale Banking Standard Chartered Ghana Helps meet the evolving financial needs Helps corporate and institutional clients We are headquartered in Accra and of Private, Small and Medium-sized facilitate trade and finance across the have operated for over 115 years in the Enterprises (SMEs), Priority and world's fastest-growing markets, country's dynamic economic segments, Personal banking customers across our leveraging our solutions and a delivery leading the way in Ghana. franchise. Our customer-focused and footprint spanning our cross-border service approach enables our staff to network. We are at the heart of Our income and profit streams are offer solutions from an innovative range international trade flows, offering the highly diversified with the Bank now of products and services to build knowledge of a local bank with the delivering over GH0100 million in stronger relationships with our capabilities of an international financial operating profit. customers. institution. www.standardchartered.com/gh Standard Chartered Ghana Annual Report 2010 02 Standard w Chartered Can a bank really stand for something? Can it balance its ambition with its conscience? To do what it must. Not what it can. As not everything in life that counts can be counted. Can it not only look at the profit it makes but how it makes that profit? And stand beside people, not above them. Where every solution depends on each person. Simply by doing good, can a bank in fact be great? In the many places we call home, our purpose remains the same. To be here for people. Here for progress. Here for the long run. Here for good. standardchartered .com Business review 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, Accra (opposite the Efua Sutherland Children's Park) on Tuesday, 26th April, 2011 at 11.00am for the ordinary business of the Company. Agenda 1. To receive the reports of the directors and auditors, the balance sheet as at 31st December 2010 together with the profit and loss and income surplus accounts for the year ended on that date 2. To declare a dividend. 3. To elect directors in place of those retiring. 4. To approve directors' remuneration. 5. To approve the remuneration of the auditors. 6. To approve the issuing of bonus shares 7. To approve an increase in the number of authorised shares of the company 8. To terminate the appointment of current auditors and appoint another in accordance with the directives of our Regulators A member of the Company entitled to attend and vote is entitled to appoint a proxy to attend and vote instead of him/her. A proxy need not be a member. A form of proxy is attached. Dated the 10th day of February, 2011 BY ORDER OF THE BOARD Dawn Kwesi Zaney (Board Secretary) www.standardchartered.com/gh Standard Chartered Ghana Annual Report 2010 6 Standard Chartered Can a bank really stand for something? Can it balance its ambition with its conscience? To do what it must. Not what it can. As not everything in life that counts can be counted. Can it not only look at the profit it makes but how it makes that profit? And stand beside people, not above them. Where every solution depends on each person. Simply by doing good, can a bank in fact be great? In the many places we call home, our purpose remains the same. To be here for people. Here for progress. Here for the long run. Here for good. standardchartered .com Business review Five-Year Financial Summary 2006 2007 2008 2009 2010 GH<t'000 GtMfOOO GH<t'000 GH<t'000 GH<t'000 Interest income 76,053 94,866 110,402 155,492 213,941 Interest expense (18,349) (30,727) (34,134) (36,073) (61,193) Net interest income 57,704 64,139 76,268 119,419 152,748 Commissions and fees 18,651 19,125 22,765 37,192 42,360 Other operating income 8,554 9,468 18,082 25,889 22,917 Operating Income 84,909 92,732 117,115 182,500 218,025 Total operating expenses (39,741) (47,770) (71,568) (83,712) (102,936) Impairment loss 1,452 (1,794) (1,707) (15,074) (13,576) Operating Profit 46,620 43,168 43,840 83,714 101,513 Other income 2 6 - - - Profit before taxation 46,622 43,174 43,840 83,714 101,513 Taxation (15,874) (10,136) (10,653) (26,217) (29,305) Profit for the Year 30,748 33,038 33,187 57,497 72,208 Transfer to Statutory and other Reserve (4,065) (6,098) (4,413) (14,231) (47,668) Transfer to Retained Earnings 26,683 26,940 28,774 43,266 24,540 Shareholders' Equity 80,636 88,394 89,461 159,578 195,981 Total Assets 711,011 773,737 984,944 1,404,213 1,667,882 Total Deposits 445,544 534,840 742,290 833,084 1,092,442 Loans & Advances 239,918 287,069 460,338 408,538 467,152 GH4 GH4 GH4 GH4 GH<|: Earnings per share 1.75 1.88 1.89 2.99 3.75 Proposed Final Dividend per share 1.30 1.45 1.50 2.47 1.27 Return on Assets (PAT/Total Assets) 4% 4% 3% 4% 4% Return on Equity (PAT/Equity) 38% 37% 37% 36% 37% Capital Adequacy ratio 15% 17% 12% 22% 16% Cost/Income Ratio 47% 52% 61% 46% 47% www.standardchartered.com/gh Standard Chartered Ghana Annual Report 2010 8 Chairman's statement Poised for further growth Poised for further growth I am delighted to report that 2010 was another year of record income and profits. Against an uncertain global recovery and despite increased competition in the banking sector, Standard Chartered Bank Ghana continued to perform strongly. Our performance in 2010 once again demonstrates our ability to deliver substantial, sustained value for our shareholders. • Income increased 19 per cent to GH0 218.03 million • Profit before tax rose 21 per cent to GH0 101.51 million • Basic earnings per share climbed 25 per cent to GH0 3.75 On the back of this, the Board is proposing an annual dividend of GH0 1.27 per share. Our commitment to invest in people, systems and products paid off as we were able to quickly adapt to a lower inflationary and declining interest rate environment. We were the first bank to lower our base rate by 400 basis points from 29.5 per cent in December 2009 to 25.5 per cent in February 2010. We continue to support the Government of Ghana's efforts to increase financial institutions' responsiveness to changes in interest rates, though structural challenges remain. "2010 was another year of great performance. We have demonstrated we have the right Standard Chartered Bank Ghana continues to play a key and growing role in the Ghanaian economy. A study we commissioned to assess our socio-economic strategy, the right culture and the right business impact on the country revealed that our activities in Ghana increased jobs and locations to deliver constant and sustained the overall output of the economy.
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