Commercial banks in Ghana realize GHC3.3 billion in profit in 2019

Commercial banks in Ghana realize GHC3.3 billion in profit in 2019

- The 2019 Banking Sector Report of the Bank of Ghana has revealed that commercial banks in Ghana made a total of GHC3.3 billion profit after tax

- The amount represents an increase of 38% of the profit level recorded in 2018

- Increases in net ineterest income, fees and commissions led to the increase in profits of the banks

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Commercial banks in Ghana ended the year 2019 with a cumulative profit after tax of GHC3.3 billion, has learned.

This represents a strong growth of 38% of the 2018 profit recorded, the Bank of Ghana (BoG) announced.

The central bank indicated that the increase in profit was a result of increases in both net interest income as well as fee and commission income surging past the increase in operating expenses.

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The results led to increased profitability indicators such as the after-tax Return on Equity (ROE) and before-tax Return on Assets (ROA)

With the total value of assets in the banking sector, the year 2019 recorded an amount of GH¢129.06 billion, which was 22.8% year-on-year growth compared with 12.3% growth in December 2018.

Meanwhile, according to the details of a recent survey conducted by the Bank of Ghana, some banks in Ghana charge 7.75% as fees aside from the interest to be paid on retail loans.

A retail loan is a facility given to customers of banks, credit unions or financial institutions in order to help them purchase assets.

The survey, which was carried out between October and December 2019, covered all the 23 banks operating in Ghana.

The Central Bank indicated that retail customers pay five different fees on loans to commercial banks. Per a report, the survey took into consideration all the fees and charges banks impose on their products and services.

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