• Home
  • News
  • Ghanaian Banks Report Significant Profit Growth in Q3 2024
Image

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.

Related Posts

First Bank pledges to drive non-oil export growth in 2025

First Bank of Nigeria (FBN) has announced plans to introduce modern solutions, innovative products, and advanced platforms to…

CalBank, MTN, and Bluespace launch ‘BeINsured’ in Ghana

CalBank PLC, in collaboration with MTN Ghana and fintech firm Bluespace Africa, has launched BeINsured, Ghana’s first digital…

Bank of South Sudan Set to Unveil First-Ever National Instant Payment System

The Bank of South Sudan (BOSS) has announced a groundbreaking initiative to launch the country’s first National Instant…

Canon Announces New President & CEO for Europe, Middle East, and Africa

Canon EMEA , a global provider of imaging, print technologies and services, today announces Shinichi ‘Sam’ Yoshida as…

Leave a Reply

Your email address will not be published. Required fields are marked *