UMB records 194% increase in profit, CBG to give 7 SOEs over GHc300m and more

UMB records 194% increase in profit, CBG to give 7 SOEs over GHc300m and more

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7 SOEs to pay salaries with over GHc300m from CBG

YEN.com.gh has learned that the salaries of employees of seven State-Owned Enterprises (SOEs) would be paid with GHc312 million from the Consolidated Bank of Ghana (CBG).

CBG’s decision is a result of a directive from the Ministry of Finance and is intended to help stabilize the operations of the SOEs.

Information available shows that the concessionary credit facility has been guaranteed by the government and comes with a moratorium; it would be used to ensure that the SOEs promptly pay salaries of employees for the next six months.

READ ALSO: Business conditions were stable in July - Latest report on Ghana shows

Standard Chartered Bank’s operating income increases by 20% in 2019

Details emerging from its Annual General Meeting show that Standard Chartered Bank (SCB) recorded a 20% increase in its operating income for the year 2019.

The bank’s operating income increased from GHc712.9 million in 2018 to GHc853 million the following year.

Information available shows that growth is the highest to be recorded in the last five years.

Per a report by thebftonline.com, the bank was also recognized as Africa’s Best Bank for Transformation, at the prestigious Euromoney Awards for Excellence 2020.

UMB records 194% increase in profit; earns GHc16m by June 2020

YEN.com.gh has gathered that UMB has recorded a 194% increase in profit for the half-year ended June 2020.

This comes in the wake of the negative economic effects of the outbreak of COVID-19.

The bank’s profit reportedly grew from GHc 5.5million in June 2019 to GHc16million in 2020.

Per a report by thebftonline.com, its asset base also grew from GHc2.6 billion to GHc3.3 billion between June 2019 and June 2020 representing a growth of 25%.

Banking sector cleanup: Local banks are now stronger - Ken Ofori-Atta declares

The minister of finance, Ken Ofori-Atta, has indicated that local banks in Ghana are now better positioned to support economic growth.

According to him, this is the result of the banking sector reforms that took place in 2017 and 2018.

He explained that Ghanaian banks now have good looking balance sheets and are more resistant to shocks.

Ofori-Atta, speaking in a post-mid-year budget interview, stated that it is a lot better to have fewer but stronger banks.

OVER THE WEEKEND:

MTN exits the Middle East, shifts focus to Africa

Africa's largest mobile operator, South African telecoms giant MTN, announced it would pull out of the Middle East to concentrate on Africa and scrap its interim dividend under a blueprint to navigate the coronavirus pandemic.

"MTN has resolved to simplify its portfolio and focus on its pan-African strategy and will, therefore, be exiting its Middle Eastern assets in an orderly manner over the medium-term," the group's president and CEO, Rob Shuter, said in a first-half results statement

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Source: Yen Ghana

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