Ecobank Ghana, in a resounding financial performance for the third quarter of 2023, unveiled a net profit of GHS 731 million, signifying an impressive increase of GHS 501 million compared to the previous year’s net profit of GHS 230 million.
This remarkable surge in profitability can be attributed to a substantial upswing in operating income, which escalated from GHS 1.8 billion in Q3 2022 to an impressive GHS 2.6 billion in Q3 2023.
The bank’s total assets underwent a notable transformation, soaring to GHS 30.5 billion, a substantial leap from the GHS 24.3 billion recorded in Q3 2022.
This impressive growth in asset value, amounting to GHS 6.2 billion on a year-on-year basis, was underpinned by increments in loans and advances to customers (GHS 9.4 billion), cash and cash equivalents (GHS 6.7 billion), and non-trading assets (GHS 11.4 billion).
On the liability side, the bank witnessed a considerable surge in total liabilities, surging from GHS 21.6 billion in Q3 2022 to GHS 27.1 billion in Q3 2023.
The driving force behind this increment in liabilities was the substantial growth in deposits from bank customers, which reached GHS 23.2 billion by the end of Q3 2023, as opposed to GHS 18 billion in Q3 2022.
In the context of loan asset quality, Ecobank Ghana demonstrated a slight improvement, with its non-performing loan ratio decreasing from 8.81% in Q3 2022 to 8.16% in Q3 2023. This points towards prudent risk management by the bank.
Of particular note is Ecobank Ghana’s Capital Adequacy Ratio (CAR), which stood at 15.98% by the end of Q3 2023, slightly surpassing the industry benchmark of 14%.
The bank’s CAR increased by 2.77% from the previous year’s figure of 13.21%.
In summary, Ecobank Ghana’s Q3 2023 performance showcases a robust financial position, with significant growth in profitability, assets, and liabilities.
The improvement in loan asset quality and a robust Capital Adequacy Ratio underscore the bank’s resilience and prudent management.
Business3 weeks ago
Dr. Nick Danso Adjei Clinches “Entrepreneur of the Year” for Second Consecutive Year
General News2 weeks ago
Philanthropy Conference: Ibrahim Tanko Eulogizes Ghanaian for relief efforts towards Akosombo Dam Spillage Victims
Education4 weeks ago
P K Amoabeng Scholars Program Inaugurated
Features and Opinions4 weeks ago
HM King Mohammed VI Speech to Extraordinary Arab-Islamic Summit
Banking and Finance3 weeks ago
New Climate Finance Knowledge Hub Opens Up Opportunities For Financial Institutions, MSMEs in Ghana
Life & Style3 days ago
Anum Chief urges immediate gov’t action to avert ethnic conflict in Asamankese
General News4 weeks ago
Ghana Chamber of Mines Donates GHc2.4m To Support Victims Of Akosombo Dam Spillage
Features and Opinions3 weeks ago
Amos Aloryi Children’s Home: Providing Support for Children of Adversities