A study of the 2016 mid-year financial statements of banks listed on the Ghana Stock Exchange (GSE) has shown that some of the banks continue to record impressive performances.
For the first half of 2016, Ecobank recorded the highest profit after tax of GH¢586,245,000 cedis.
HFC Bank however recorded the least profit after tax of GH¢14,280,845 cedis for the first half of 2016.
Ecobank’s profits for the first half of 2016 however represent a 36 percent decline from GH¢921,447,000 cedis it recorded in the corresponding period in 2015.
Meanwhile HFC Bank’s profit after tax for the first half of 2016 however represented 8 percent increase compared to the estimated GH¢13,260,450 cedis the bank recorded in the same period of 2015.
According to the mid-year financial results released by the various banks, two out of the six banks; Cal bank and Ecobank, recorded a drop in profit after tax for the first half of 2016 compared to the same period in 2015.
While profit after tax of Ecobank declined by about 330 million cedis, that of Cal Bank dropped by about 13 million cedis.
Also, GCB Bank recorded the second highest profit after tax [GH¢187,216,000] for the first half of 2016.
Though Standard Chartered Bank recorded the third highest profit after tax for the first half of 2016, its profits for the two periods recorded over a 100 percent increase.
The amount increased from GH¢38,464,000 cedis to GH¢ 78,671,000 cedis.
With an increase of about 12 million cedis in profits, Societe General recorded the second highest increase in percentage terms (93%) for profits between June 2015 and June 2016.
Meanwhile at the end of trading on the stock market on Tuesday [August 16, 2016], CAL Bank and GCB Bank gained 3 pesewas and 19 pesewas to close at 91 pesewas and 3 cedis 70 pesewas respectively.
On the other hand, Standard Chartered Bank’s shares dropped by a pesewa 14 cedis 22 pesewas.
By: Pius Amihere Eduku/citibusinessnews.com/Ghana