Banking Sector Report shows banks in Ghana recorded 38% profit in first 2 months of 2020
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Banking Sector Report shows banks in Ghana recorded 38% profit in first 2 months of 2020

- The April 2020 Banking Sector Report has revealed that banks in Ghana generated a combined 38% profit in the first 2 months of the year

- It also showed that net interest income grew by 25.9% while interest expenses grew by 14%

- The gains were recorded despite the economic implications of the coronavirus

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The April 2020 Banking Sector Report shows that banks in Ghana recorded 38% profit in the first two months of the year 2020.

It was higher than the 31.5% recorded in the first two months of the preceding year.

The upsurge in profit was recorded despite the outbreak of the coronavirus which has affected economies globally.

READ ALSO: Bank of Ghana introduces real-time platform to stabilise the cedi

A classfmonline.com report shows that the current figures were recorded due to significant increases in banks’ income which was more than operating expenses.

Information available shows that net interest income grew by 25.9% and was higher than the 14% increase in interest expenses.

YEN.com.gh understands that stronger profit outturn translated into improved profitability indicators.

Return on Equity (ROE) went up by 25.5% from 20.1% at end-February 2019 while Return on Assets (ROA) also grew by 4.9% compared with 4.2%.

Meanwhile, Ghana’s total debt stock in the year 2019 grew by 25.93%, the Bank of Ghana has revealed.

The country’s debt increased from GHC173.1 billion in 2018 to GHC218 billion in 2019.

The latest figure shows the addition of GHC44.9 billion to the country’s total debt stock.

READ ALSO: EIU predicts Bank of Ghana would reduce the monetary policy again

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Source: Yen

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