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    Ghana’s total exports decline by 9%

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    Financial sector withstood 2022 shocks; positive signs ahead – BoG

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    Ghana’s total exports decline by 9%

    Cedi depreciates against the dollar by 22.5%

    Financial sector withstood 2022 shocks; positive signs ahead – BoG

    Water shortage to hit parts of Accra; businesses to be affected

    Excise tax amendment shows positive signs; rakes in GHS 140m 

    Ghana records over $200m trade surplus in two months

    Public debt hits GHS 575.5 billion; now 71.9% of GDP

    GEPA poised to achieve over $4bn target for non-traditional exports

    GRA fights off claims of harassing traders; calls for cooperation

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    Cedi depreciates against the dollar by 22.5%

    Financial sector withstood 2022 shocks; positive signs ahead – BoG

    Water shortage to hit parts of Accra; businesses to be affected

    Influx of Chinese tanker trucks will kill local businesses – Kwame Jantuah

    GRA fights off claims of harassing traders; calls for cooperation

    Hanno Barkhoff joins Kempinski Hotel Gold Coast City Accra as General Manager

    WTO Director-General calls for ratification of Fisheries Subsidies Agreement

    B5 Plus is an iconic testament of success of 1D1F initiative – K.T. Hammond

    BoG advised me to streamline Menzgold operations – NAM 1

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    Pharmaceutical Society charged to utilize AI to transform industry

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    Digital marketing: Event managers urged to explore growth opportunities

    Govt. urged to commit more investments to enhance AI competencies

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    Ofori-Atta commends G20 for AU’s inclusion, urges common voice

    Nine ventures announced for Africa Money and DeFi Summit investment showcase

    African Union to launch regional credit rating agency in 2024

    New study reveals alarming food access disparity affecting 650 million Africans

    Global food price index declines in August

    ECO currency challenges: Technical committee attributes delays to external shocks, others

    African leaders emphasize in-continent processing of mineral wealth at climate summit

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Banking sector’s profit-before-tax soars to GH¢4.4 billion in June 2022

byEllen Dapaah
July 28, 2022
in Banking And Finance, Top Stories
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Data from the Bank of Ghana has disclosed that the banking sector was able to make more than GH¢4.4 billion in the first six months of this year.

According to the Central Bank’s Monetary Policy Committee’s latest press release, the industry recorded a before-tax profit of GH¢4.4 billion, a 21.6 percent growth compared with 32.1 percent recorded in the same period last year.

Net interest income also grew at 12.4 percent, compared with 19.4 percent a year ago. Net fees and commissions, however, grew by 29.2 percent, compared to 19.6 percent in the previous year, reflecting a rebound in trade finance-related business.

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The Central Bank said these developments culminated in a 23 percent growth in operating income, compared with a growth of 15.7 percent in the year.

Furthermore, operating expenses of the banking sector also recorded a higher growth of 22.9 percent, compared to 7.3 percent in the previous year, moderating the growth in profit before tax during the first half of 2022.

The report continues to highlight that assessment of the banking sector’s performance for the first half of 2022 showed robust growth in assets and deposits.

Total assets grew by 22.8 percent on a year-on-year basis to GH¢200 billion at end-June 2022, compared to the growth of 17.2 percent in the previous year.

On the other hand, total deposits grew slower by 19.1 percent to GH¢131.3 billion, relative to 22.5 percent growth a year earlier.

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