Ecobank Ghana grows assets by 20% YoY to post record value of GHS 19.1bn
Ghana’s largest bank (in terms of assets value) Ecobank Ghana, grew its total assets value by 20 percentage points year-on-year to post a record assets value of GHS 19.1bn at end- Q1 2022.
The bank’s Unaudited Financial Statement for the first quarter of this year indicate that, total assets value for the review period grew from GHS 15.8bn to the current GHS 19.1bn.
The recorded growth marks an impressive increase of GHS 3.3bn in total assets value.
A examination of Ecobank’s Q1 2022 Financial Statement revealed that elements such as loans and advances to customers (grew by 35% in value) and non-trading assets accounted for the jump in assets value.
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Loans and advances to customers and non trading assets within the period under review grew from GHS 4.6bn to GHS 6.2bn and GHS 5.1bn to GHS 7.2bn in Q1 2021 and Q1 2022 respectively.
Regarding its liabilities, the bank witnessed an almost proportionate increase in its liabilities in the review year.
Total liabilities of Ecobank Ghana grew by GHS 3bn rising from GHS 13.3bn in Q1 2021 to GHS 16.3bn in Q1 2022.
Accounting for the rise in liabilities was mainly deposits from the bank’s customers which amounted to some GHS 14.3bn of the total GHS 16.3bn liabilities.
Net income before tax at the end of the first quarter was reported to be GHS 219m, an slight reduction from the GHS 240m net income before tax posted in Q1 2021.
Based on the recorded profit for Q1 2022, earnings per share for shareholders is pegged at GHS 1.84, also a decline from the estimated GHS 2.12 in Q1 2021.
Within the review year, Ecobank Ghana marginally strengthened its loan asset quality by reducing its non-performing loans from 12% at end Q1 2021 to 11.52% at end Q1 2022.
However, the bank’s liquidity ratio which measures its ability to pay short term debt obligations reduced from 96% in Q1 2021 to 87% in Q1 2022.
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