Societe Generale grows assets to Ghs 5.41 billion in second quarter
Societe Generale Ghana for the second quarter of 2021 posted a net assets value of Ghs 5.41 billion.
The recorded assets value revealed a year-on-year increase of some Ghs 300 million when compared to the Ghs 5.11 billion total assets value recorded same period last year – Q2 2020.
Main drivers of the bank’s assets value per it’s Financial Statement for the second quarter of 2021 were cash and cash equivalents and non-pledged trading assets.
The other elements that contributed to the increase in assets value include the bank’s intangible assets, deferred tax assets and investments in other than securities.
Cash and cash equivalents of the bank grew from Ghs 868 million in Q2 2020 to Ghs 1.26 billion in Q2 2021.
Non-pledged trading assets for the review period also grew from Ghs 95 million to Ghs 137 million.
With regards to the bank’s liabilities for the period ended Q2 2021, total liabilities amounted to Ghs 4.41 billion from the previous Ghs 4.24 billion recorded in Q2 2020.
The bank’s liabilities was driven mainly by increments in the deposits from other banks, deposits from customers and other liabilities.
Deposits from other banks, customers and other liabilities of the bank amounted to Ghs 40 million from Ghs 3 million; Ghs 3.4 billion from Ghs 3.3 billion; and Ghs 397 million from Ghs 305 million in Q2 2021 and Q2 2020 respectively.
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Total comprehensive income made for the reporting period stood at Ghs 68 million representing a year on year increase of Ghs 3 million from last year’s Ghs 65 million recorded total income
The posted income translates into an earning per share of 19 pesewas for equity holders of the bank.
Societe Generale, for the period ended Q2 2021, strengthened it’s Capital Adequacy Ratio (CAR) increasing it by 3.11 percentage points more from the previous year.
The bank’s CAR at the end of June 2021, was 20.81 percent as against the 17.70 percent recorded at the end of June 2020.
Despite the recorded growth in its CAR, the bank witnessed a weakening of its loan asset quality as it’s non-performing loans increased slightly by 1.87 percentage points from 5.85 percent to 7.72 percent.
Read details of financial statement:
pdf (14) by Fuaad Dodoo on Scribd
