Average interest on banks’ deposits drops to 11.2 %

The average interest offered by banks on customer deposits dropped marginally between April and May this year.

According to the latest Annual Percentage Rates (APR) and Average Interest (AI) report by the BoG, the figure declined from 11.3 percent as at the end of April 2017 to 11.2 percent as at end of May.

Out of the thirty-one banks surveyed in the report, Omnibank is the 1^st with 18.3 percent interest on customer deposits according to the report.

It is immediately followed at the 2^nd position, by Capital Bank with 15.7 percent.

Stanbic Bank comes occupies the third position with interests on customer deposits at 14.9 percent.

Bank of Africa and Bank of Baroda occupy the fourth position with interest on customer deposit at 14.8 percent.

They are followed by the Royal Bank, Unibank and GN Bank which occupy the 5^th and 6^th positions with their interests at 14 and 13.3 percent in that order.

At the 7^th, 8^th    9^TH and 10^th positions are UBA, Zenith Bank, Barclays Bank and UT Bank with interests on deposits at 13.1, 12.7, 12.4 and 12 percent in that order.

Also, with 11.4, 11.1, 10.9 and 10.6 percent, NIB, First National Bank, Sovereign Bank, Access Bank GCB Bank and Ecobank occupy the 11^th, 12th 13^th and 14^th positions in that order.

FBN Ghana occupied the 15^th position with 10.3 percent.

Also, SG Bank, Sahel Sahara and CAL Bank and Fidelity Bank took the 16th and 17^th slots with interests on customer deposits at 10.0 and 9.3 percent respectively.

ADB Bank, Prudential Bank, HFC Bank, First Atlantic Bank and Universal Merchant Bank placed 18th, 19^th, 20^th, 21st and 22^nd with interest rates on customer deposits at 9.2, 9.0, 8.6, 8.4 and 8.1 percent in that order.

Occupying the 23^rd and 24th positions are GT Bank, Standard Chartered Bank and Energy Bank with 6.8 and 6.4 percent on customer interest.

–

By: Jessica Ayorkor Aryee/citibusinessnews.com/Ghana