Standard Chartered Bank Ghana PLC's resilient performance for 2023 has resulted in the Bank declaring an ordinary dividend per share of GHS2.9454 with a total amount of GH?397 million to be paid to ordinary shareholders and GHS3 million to preference shareholders. This brings the total dividend payment to GHS 400 million. The declaration, made during a virtual Extraordinary General Meeting (EGM) marks a significant turning point for Ghana's banking industry, boosting investor confidence in the financial industry sub-sector of the economy. The Bank of Ghana in a January 2023 directive instructed banks to suspend dividend payments. This move was aimed at helping financial institutions weather the storm caused by the DDEP. Ebenezer Asante Twum, the Board Chair of Standard Chartered Bank Ghana PLC, revealed at the bank's annual general meeting in July that Standard Chartered had received the green light from the central bank to proceed with the dividend distribution. He stated, 'Standard Chartered's ability to declare dividends reflects its exceptional progress in recapitalization efforts and overall financial health'. This dividend declaration is a testament to Standard Chartered Bank Ghana's resilience and strong performance in 2023. It reflects our commitment to delivering value to our shareholders while maintaining a robust capital position.' The EGM was attended by members of the Bank's board and shareholders. In a nod to technological advancement and shareholder inclusivity, the bank provided two voting options for shareholders: an online platform and an SMS short code system. This move was widely praised by attendees for its convenience and accessibility. The dividend declaration is underpinned by Standard Chartered's remarkable financial performance in 2023. The bank reported a mammoth 447 per cent growth in pre-tax profit, reaching GHS1.36 billion and effectively reversing the DDEP-induced loss of GHS380.9 million recorded in 2022. Revenue surged to GHS1.67 billion, up from GHS1.22 billion in the pre vious year, driven primarily by a significant increase in net interest income. Standard Chartered's balance sheet also demonstrated remarkable strength, with total assets climbing to GHS13.9 billion from GHS10.37 billion. The bank's capital adequacy ratio stood at an impressive 27.74 per cent, well above the regulatory minimum of 10 per cent, while its liquidity ratio improved to 93 per cent from 63 per cent in 2022. The bank's focus on digitalisation appears to have borne much fruit, with 95 per cent of new clients being acquired through digital channels and 90 per cent of service requests handled digitally. This push towards technology-driven banking services aligns with global trends and positions Standard Chartered at the forefront of Ghana's evolving financial ecosystem. Impact The positive news has already had a tangible impact on the bank's stock performance. Since the beginning of the year, Standard Chartered's shares have gained 14.5 percent, ranking it tenth on the GSE in terms of year-to-date p erformance. This upward trajectory is likely to continue as investors digest the implications of the dividend announcement and the bank's robust financial health. Shareholders have until September 4, 2024, to be registered in the company's books to qualify for the dividend, which is scheduled for payment on September 30, 2024. Source: Ghana News Agency