Ecobank grows asset base by 32% to reach GHS 21bn at end-June 2022
Ecobank Ghana Plc, grew its asset base by GHS 5bn (32%) more within the last year – from June 2021 to June 2022.
Per the Unaudited Q2 2022 Financial Statement of the bank, total assets value grew from GHS 16.2bn in June 2021 to GHS 21.6bn in June 2022.
The bank’s total assets value of GHS 21bn makes it the country’s biggest bank in terms of assets value.
Accounting for the significant jump in the bank’s asset value were some GHS 2.3bn, GHS 1.5bn and GHS 1.2bn increments in loans and advances to customers, cash and cash balances and non-pledged trading assets.
At the end of June 2022, loans and advances, cash and cash balances and non-pledged trading assets of Ecobank stood at GHS 6.8bn, GHS 5.1bn and 1.7bn respectively.
Liabilities of Ecobank for the review period also stood at GHS 18.7bn from the GHS 13.6bn liabilities recorded same period last year and corresponding to the same level of increments recorded in the bank’s asset value.
Mainly accounting for the bank’s liabilities was deposits from customers which stood at GHS 16.6bn at end-June 2022.
Ecobank’s profit before tax for Q2 2022 per the financial statement stood at GHS 530m up from the previous year’s profit before tax of GHS 474m.
Following the deduction of taxes, the bank’s profit declined to GHS 344m still above the precious year’s profit after tax of GHS 320m.
With the exception of the bank’s non-performing loans, financial soundness indicators such as the capital adequacy ratio and liquidity ratio of the bank recorded marginal decline.
The capital adequacy ratio of the bank declined from 18.45% in June 2021 to 16.05% in June 2022.
Liquidity ratio for the review period also declined from 107.25% to 81.97%.
Non-performing loans of the bank, however, improved as it declined from 13.86% to 10.92% within the review period.
Peruse financial statement below:
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