Ghanaian banks post strong Q3 profits amid economic challenges

Several commercial banks in Ghana have reported impressive profit growth for Q3 2024, according to unaudited financial statements on the Ghana Stock Exchange.

Some banks crossed the GHS 1 billion earnings mark by the end of September, highlighting strong sector-wide performance despite ongoing economic challenges and boosting investor confidence.

Ecobank led with a remarkable 84.7% surge in profit before tax, totalling GHS 1,498,506, up from GHS 811,414 in the same period in 2023.

GCB Bank also saw robust growth, posting a profit before tax of GHS 1,005,554, a 21.1% increase from GHS 830,764 in the previous year. Access Bank reported GHS 837,626 in profits by the end of September 2024.

Other notable performances included Cal Bank and Republic Bank, with profits before tax of GHS 328,000 and GHS 199,217, respectively.

The Agricultural Development Bank (ADB) showed exceptional growth, with profits before tax soaring by 553.3%, from GHS 26,999 in 2023 to GHS 176,414 in 2024.

Analysts attribute this growth to increased interest income from fees and commissions, as well as expanding loan portfolios.

While deposit mobilisation remains a common strength across the sector, some banks continue to face challenges with non-performing loans (NPLs), which could affect long-term profitability.

Source: Channael1news