Societe Generale marginally reduces NPLs, grows assets value to GHS 7bn at end-Q3 2022
Societe Generale Ghana for the period ended Q3 2022 recorded gross non-performing loans (NPLs) of 6.87%.
The recorded NPLs at end-Q3 2022 marked a reduction in the bank’s NPLs by 0.27% when compared to the 7.14% NPLs recorded at end-Q3 2021.
The 0.27% YoY reduction in Societe Generale’s NPLs, indicates a marginal strengthening of the bank’s asset quality.
Total assets value of the bank within the review period grew by GHS 1.3bn ending Q3 2022 with total assets value of GHS 7.01bn from the previous year’s total assets value of GHS 5.67bn.
Growth in Societe Generale’s total assets value were on the back of increments in the bank’s cash and cash equivalents as well as loans and advances to customers.
Cash and cash equivalents as well as loans and advances to customers grew from GHs 1.42bn to GHS 1.66bn and GHS 2.46bn to GHS 3.21bn in Q3 2021 and Q3 2022 respectively.
Regarding liabilities of the bank, Societe Generale’s total liabilities at end-Q3 2022 stood at GHS 5.89bn up from the previous year’s figure of GHS 4.60bn.
Deposits from customers accounted for the majority of the bank’s liabilities amounting to some GHS 4.20bn.
Capital Adequacy Ratio (CAR) of the bank for the period under review declined from 20.07% in Q3 2021 to 15.93% in Q3 2022.
Despite the fall in CAR, Societe Generale’s CAR is above the 13% minimum CAR requirement by the Bank of Ghana.
Net profit of the bank at end-Q3 2022 stood at GHS 148m slightly above the GHS 142m net profit recorded at end-Q3 2021.
