Société Générale Ghana records GHS 109M profit in 2022 despite DDEP impact

By InstinctBusiness Jul 6, 20230

Société Générale Ghana Plc recorded a GHS 109 million profit after tax for the year 2022 as compared to the GHS 184 million cedis recorded in 2021.

This represents a decrease in the profit margin of the bank.

This comes on the back of the implementation of the Domestic Debt Exchange Programme (DDEP) by government which led to a general decline in the profitability of the banking sector in Ghana.

Speaking at the Facts behind the Figures series organized by the Ghana Stock Exchange in Accra, the Managing Director of Société Générale Bank Plc, Hakim Ouzzani highlighted the overall performance for the year 2022.

“Even in this 2022 difficult year, we were able to generate respectable profits although not as compared to that of 2021.We had our operating income increased by 26% and our operating expenses by 9%,” he said.

“All in all, a profit before tax which was at a GHS 168 million compared to GHS 282 million of the previous year and profit after tax was at GHS 109 million compared to GHS 184 million,” he disclosed.

“In terms of year – year basis there was a decrease in the global profit but regarding the context of Ghana I will say that it is a good performance,” he added.

On her part the Managing Director of the Ghana Stock Exchange, Ms. Abena Amoah indicated the need for investors to have an avenue to interact with companies listed on the stock market hence the Facts behind the Figures series organized by her outfit.

This, she explains will help strengthen market confidence and spur economic growth.

Ms. Abena Amoah further encouraged the SG Ghana to use their trading activities to raise capital to back greener business.

“The purpose of our facts behind the figures series is to provide the right platform for you to speak to the investing public and for them to ask you questions and for it to reflect in your share price. This opportunity that the GSE provides for all our issuers and Investors is critical and that why we call on all our issuers on the market to take advantage of it,” she said.