Ghanaian Banks Report Significant Profit Growth in Q3 2024
Some commercial banks in Ghana have posted impressive profit growth for the third quarter of 2024, according to unaudited financial statements. Freshly released financial results on the Ghana Stock Exchange reveal that several banks surpassed the GHS 1 billion mark in earnings by the end of September.
These results underscore strong sector performance amid evolving economic challenges, signaling robust gains and reinforcing investor confidence. For instance, Ecobank saw a profit before tax surge by 84.7%, reaching GHS 1,498,506 compared to GHS 811,414 in the same period in 2023. GCB Bank reported a profit before tax of GHS 1,005,554, up 21.1% from GHS 830,764 in 2023. Access Bank recorded GHS 837,626 in profits by the end of September 2024.
Meanwhile, Cal Bank and Republic Bank posted profits before tax of GHS 328,000 and GHS 199,217, respectively. ADB achieved a remarkable year-on-year growth of 553.3% in profit before tax, rising from GHS 26,999 in 2023 to GHS 176,414 in 2024.
Market analysts attribute this growth to increased interest income from commissions and fees, along with significant expansion in loan portfolios. While successful deposit mobilization has been a common strength across these banks, non-performing loans (NPLs) continue to pose a significant challenge for some institutions.