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Standard Chartered Bank Limited 1Q 2014 financial results
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Standard Chartered Bank Limited 1Q 2014 financial results

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Standard Chartered Bank Limited Listed on the Ghana Stock Exchange has released its Quarterly Results. Check out …

Standard Chartered Bank Limited Listed on the Ghana Stock Exchange has released its Quarterly Results. Check out
insights into this company in their presentation which appears below.
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  1. Un-audited Financial Statements For The Period Ended 31st March 2014 2014 2013 GH¢ '000 GH¢ '000 2013 GH¢ '000 Interest Expense (20,165) (21,712) Net lnterest lncome 84,105 59,795 Commissions and Fees 23,477 23,078 Other Operating Income 3,756 8,831 111,338 91,704 Operating Expenses (37,934) (35,494) Operating profit before Loan Impairment Loan Impairment (982) (2,077) Profit before Taxation 72,422 54,133 Taxation Expenses (11,436) (11,497) Assets Cash and balances with Bank of Ghana 941,538 444,881 Short-term Government Securities 436,247 180,361 Due from Other Banks and Financial Institution 26,981 160,404 Loans and Advances 1,303,375 994,486 Investment in Subsidiaries 1 1 Other Assets 204,121 140,740 Taxation 2,014 Medium Term Investment 588,603 556,603 Property & Equipment 28,121 24,295 Intangible Assets 5,496 6,673 Total Assets 3,536,497 2,508,444 Liabilities Customer Deposits 2,127,395 1,688,268 Due to Other Banks and Financial Institution 645,798 211,096 Taxation - - 5,569 Interest Payable and Other Liabilities 198,197 192,122 Deferred Taxation 6,544 8,408 Short Term Loan 46,500 41,116 Total Liabilities 3,024,434 2,146,579 Shareholders' Funds Stated Capital 61,631 61,631 Retained Earnings 212,746 95,799 Statutory Reserve Fund 149,177 123,175 Credit Risk Reserve 88,186 59,051 Other Reserves 323 22,209 Total Shareholders' Funds 512,063 361,865 Total Liabilities and Shareholders' Funds 3,536,497 2,508,444 UN-AUDITED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31ST MARCH and Taxation 73,404 56,210 60,986 42,636 0.53 0.37Basic earnings per share Profit after Tax UN-AUDITED STATEMENT OF FINANCIAL POSITION AT 31ST MARCH 2014 2013 GH¢ '000 GH¢ '000 Profit before tax for the period 72,422 45,990 Adjustments for : Depreciation and amortisation 1,366 1,316 Impairement of Financial Assets 982 2,077 74,770 49,383 Change in investment other than those held for the purpose of trading (51,429) (125,663) Change in loans and advances (174,113) (28,823) Change in other asset accounts (36,080) (13,125) Change in deposits 348,287 (15,930) Change in due to other banks and financial institutions 230,413 209,300 Change in creditors and accruals (99,499) (170,922) Change in intangibles 294 Change in short term loans 46,500 41,116 339,143 (54,664) Income tax paid (16,091) (7,817) Net cash from operating activities 323,052 (62,481) Cash flows from investing activities Purchase of property and equipment (1,540) (2,000) Net cash used in investing activities (1,540) (2,000) Cash flows from financing activities Dividend Paid (1,175) Net cash used in financing activities (1,175) Net change in cash and cash equivalents 321,512 (65,656) Analysis of changes in cash and cash equivalents during the year Cash and cash equivalent at 1 January 647,007 670,941 Net change in cash and cash equivalents 321,512 (65,656) Cash and cash equivalents at 31st March 2014. 968,519 605,285 Analysis of cash and cash equivalents during the year Cash and balances with Bank of Ghana 941,538 444,881 Due from Other Banks and Financial Institution 26,981 160,404 968,519 605,285 UN-AUDITED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31ST MARCH 2014 Interest Income 104,270 81,507 NOTES TO THE UN-AUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH 2014 Significant Accounting Policies Quantitative Disclosures i. Capital Adequacy Ratio (%) 21.98% 19.22 ii. Non-Performing Loan (NPL) Ratio (%) Qualitative Disclosures J. Kweku Bedu-Addo Dayo Omolokun The processes followed in risk measurement and their management for the period ended 31st March 2014 are consistent with those followed for the year ended 31st December 2013. 1. The accounting policies followed for the period ended 31st March 2014 are consistent with those followed in the annual financial statements for the year ended 31st December 2013. 2014 2013 12.05% 10.06 i. The Bank's dominat risk are: credit risk, liquidity risk, market risk, and operational risk. ii. The Bank’s Risk Management Framework, defines the approach to risk management and the framework within which risks are managed and risk-return tradeoffs made. The risk management framework shared framework and language to improve awareness of risk management processes and provides clear accountability and responsibility for risk management.The core components of the risk governance structure. management framework include our risk classifications, risk principles and standards, definitions of roles and responsibilities and establishes common principles & standards for the management and control of all risks, provides a "The financial statements do not contain untrue statements, misleading facts or omit material facts to the best of our knowledge" Director Director UN-AUDITED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31ST MARCH 2014 Stated Capital Retained Earnings Statutory Reserve Credit Risk Reserve Other Reserves Shareholders' Funds GH¢'000 GH¢'000 GH¢'000 GH¢'000 GH¢'000 GH¢'000 Transfer to Credit Risk Reserve (26,049) 26,049 Changes recognised in equity (35,907) (35,907) Balance at 31st March 2014 Balance at 31st March 2013 61,631 61,631 212,746 95,799 149,177 123,175 88,186 59,051 512,063 361,865 323 22,209 Movement during the period Balance at 1 January 2014 61,631 177,809 149,177 62,137 36,230 486,984 Operating Income GH¢ '000 2014 Profit for the period 60,986 60,986 GH¢ GH¢ Other Disclosures Certain prior year balances been reclassified in line with current year’s classifications Signed Signed

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