Ecobank registers a 7.6% growth in profit in the semester of 2022
Ecobank Ghana posted 7.6% profit growth in the first half of 2022 despite economic uncertainties in the country.
According to its financial statement for the second quarter of 2022, the largest bank in Ghana recorded a profit of ¢344.9 million in June 2022, compared to ¢320.4 million in June 2021.
This was driven by 29% and 24% growth in net interest income and net fees and commissions to ¢818.7 million and ¢197 million, respectively, in 2022.
As a result, earnings per share were estimated at ¢2.14 in June 2022, from ¢1.99 in June 2021.
The bank also managed to reduce its delinquency to ¢100.5 million in the second quarter of this year, compared to ¢110.9 million registered in the same period of the previous year.
Balance Sheet Remains Strong
The size of the balance stood at ¢40.4 billion as of June 2021, higher than the ¢29.9 billion registered in the first half of 2021. This was due to a strong growth in deposits at 38%, as customer deposits reached ¢16.650 million in the 2nd quarter of 2022, compared to ¢11.970 million in the same period of 2021.
In terms of bank stability, the bank’s non-performing loans fell to 10.92% in July 2021, from 13.86% in June 2021. This is lower than the industry average of around 14.41%.
The capital adequacy ratio, a measure of a bank’s available capital for its risk-weighted assets, was 16.05%, lower than the industry average of 19.4%.
The liquidity ratio also decreased to 81.9% in June 2021, from 107.25% in June 2021.