Several commercial banks in Ghana have posted impressive profit growth for Q3 2024, as shown in unaudited financial statements on the Ghana Stock Exchange.
Notably, some banks surpassed the GHS 1 billion earnings mark by September, showcasing the sector’s resilience amidst economic challenges and enhancing investor confidence.
Ecobank led with an outstanding 84.7% increase in profit before tax, reaching GHS 1,498,506, up from GHS 811,414 in Q3 2023. GCB Bank also achieved strong results, with profit before tax rising 21.1% to GHS 1,005,554 from GHS 830,764 last year. Access Bank reported profits of GHS 837,626 by September 2024.
Other noteworthy performers included Cal Bank and Republic Bank, with profits before tax at GHS 328,000 and GHS 199,217, respectively.
The Agricultural Development Bank (ADB) demonstrated remarkable growth, with profit before tax surging by 553.3% from GHS 26,999 in 2023 to GHS 176,414 in 2024.
Analysts credit this growth to higher interest income from fees and commissions, alongside expanding loan portfolios.
While deposit mobilisation remains a sector-wide strength, some banks still face challenges with non-performing loans (NPLs), potentially impacting long-term profitability.
