Tag: deposits
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BoG declares no dividend for 2019 despite GH¢1.8bn profit
The Bank of Ghana posted a profit of 1.8 billion cedis for 2019. This is about twice the operating loss of 793 million cedis it recorded in 2018. This has largely been attributed to the strong performance the central bank posted for the year under review. For 2019, the Bank of Ghana’s income from fees,…
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GCB Bank’s profit increases by 40% to reach GH¢92m in 2020 1st quarter
GCB Bank recorded profit after tax of 92.4 million cedis for the first quarter of 2020; representing a growth of 40%. This was contained in the bank’s published financial results for the period. For the period spanning January to March 2020, GCB Bank’s profit before tax increased by about 34% to record 122.4 million cedis.…
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Banking reforms responsible for 17.1 percent rise in banks’ deposits – BoG report
It is emerging that Ghanaians are renewing their confidence in the banking sector following the clean up carried out by the Bank of Ghana over the past two years. This is evident in the deposits recorded by commercial banks for the period ending October 2019. According to the regulator, deposits, which is a major source…
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Deposits still major source of funds for banks – BoG report
Customer deposits still remain a major source of funding for commercial banks. As a result, commercial banks also bear greater responsibility to their customers in earning interests on such deposits. The latest banking sector report by the Bank of Ghana shows that deposits accounted for 62.5 percent of the banking industry’s assets as at December 2017.…
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Interest rates on deposits remain at 10.4 %
The average interest rate among commercial banks remained unchanged at 10.4 percent in October 2017. According to the Bank of Ghana’s Annual Percentage Rate (APR) and Average Interest (AI) report, Bank of Africa and Bank of Baroda offer the highest interest rates on customer deposits at 16.1 percent. At the second position is Omni Bank…
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Banks reduce interest rates on deposits
Commercial banks have reduced their interest rates they offer on customer deposits. Latest figures released by the Bank of Ghana have shown that the average interest rate customers get on money deposited at banks reached 10.4 percent in September 2017. According to the Annual Percentage Rates (APR) and Average Interest (AI) report, the figure is…
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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…
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Bankers debunk claims of possible deposit slowdown
Some banks have debunked claims of a possible slowdown in deposits from customers due to the upcoming general elections. According to them, although they are threatened by the upcoming elections as businesses in the industry may slow down, they are hopeful of a good 4th quarter. “We don’t expect deposits to slow down; the level…