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Home Business Banking & Finance

Mark-to-market losses on investments, loans impairments dip profitability of banks

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Mark-to-market losses on investments, loans impairments dip profitability of banks

Banks witnessed a dip in their profitability as a result of the mark-to-market losses on investments, higher impairments on loans, and rising operating costs.

According to the Central Bank in its Monetary Poicy Committee press statement issued Monday, January 30, 2023, profit-after-tax of banks was GH¢3.9 billion at end December 2022, representing 18.9 percent contraction year-on-year when compared to 12.3 percent annual growth recorded in 2021.

Net interest income however, grew by 23.0 percent to GH¢15.8 billion, higher than the growth of 14.5 percent in 2021. Net fees and commissions also went up by 27.4 percent to GH¢3.7 billion, from the growth of 24.8 percent recorded in 2021.

Accordingly, operating income increased by 30.9 percent, compared with 14.6 percent recorded a year earlier. The strong outturn in operating income was however moderated by increased operating expenses and provisioning during the year.

Operating expenses rose by 32.2 percent in December 2022, compared with 14.2 percent growth in 2021. Provisions also increased sharply by 184.0 percent in December 2022 relative to a contraction of 4.7 percent a year earlier, due to the strong uptick in credit growth, elevated credit risks, and impairments on investments.

As a result, profit before tax declined by 13.5 percent to GH¢6.4 billion in December 2022, compared with an
annual growth of 22.1 percent a year earlier.

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New loans and advances in 2022 increased to GH¢53.7 billion, reflecting an annual growth of 47.5 percent, compared with the growth of 6.8 percent in 2021.

Source: norvanreports
Tags: loans impairments dip profitability of banksMark-to-market losses on investments
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