Ghanaian subsidiary of the Bank of Africa (BoA), for the year 2020 posted a profit gain of Ghs 1.1 million.
According to BoA Ghana’s 2020 Financial Statement, profit recorded at end-December 2020 was Ghs 65 million as against the Ghs 64 million recorded at end-December 2019.
A perusal of the bank’s financial statement revealed gains made by the bank in the areas of net interest income and operating profit.
Net interest for the period under review amounted to Ghs 180 million in 2020 from Ghs 146 million in 2019.
Likewise operating profit for the same period amounted to Ghs 245 million in 2020 from Ghs 217 million in 2019.
However, increments in the bank’s expenses, tax charges, amortisation among others, chiseled away the gains made in net interest income and operating profit.
Total assets value, the bank noted in its financial statement, end the year at Ghs 2,059 million from Ghs 2,047 million in 2019, recording no significant changes with assets such as investment securities, loans and advances to customers as well as cash and cash equivalents having little changes in their monetary value.
BoA Ghana, with regards to its liabilities, managed to slightly reduce it from Ghs 1,452 million in 2019 to Ghs 1,413 million in 2020.
In terms of loan asset quality, BoA Ghana saw its loan asset quality deteriorate as its Non-Performing Loans (NPLs) rose to 15.54 percent in 2020 from 11.92 percent in 2019.
BoA Ghana also increased its Capital Adequacy Ratio (CAR) from 40.66 percent in 2019 to 46.38 percent in 2020.
BoA Ghana’s CAR is well above the Bank of Ghana’s regulatory CAR requirement of 13 percent.
