Banks’ profit up 38.9%
June 27, 2019
The 24 banks, currently operating in the country, registered an after-tax profit of GH¢1.1 billion, representing a year-on-year growth of 38.9 percent compared with 5.8 percent growth for the same period last year.
The profit margin is a remarkable growth, after the clean-up of the banking industry.
Majority of the profits were recorded largely by the tier-one and tier-two banks.
They include Ecobank Ghana, GCB Bank, Barclays Bank, Zenith Bank, Stanbic Bank, Stanchart, Cal Bank and UBA.
According to the May 2019 Banking Sector Report, the higher growth in net profit was underpinned by higher growth of net interest income during the review period. Net interest income grew by 21.6 percent on account of higher interest income from investments and lower interest expenses from reduced borrowings on the back of increased deposits mobilized.