Societe Generale Bank’s Asset Base Rises to GHS 9.88bn in Q2 2024
Societe Generale Bank has reported an asset base of GHS 9.88 billion at the end of Q2 2024, a notable increase from GHS 8.46 billion recorded at the same time last year.
This growth was primarily driven by increments in cash and cash equivalents, and loans and advances to customers.
Cash and cash equivalents grew from GHS 2.20 billion to GHS 3.38 billion, while loans and advances increased from GHS 3.36 billion to GHS 4.42 billion within the review period.
Liabilities for the bank also rose, reaching GHS 8.20 billion at the end of Q2 2024, up from GHS 7.21 billion in Q2 2023.
This increase was largely driven by customer deposits, which grew from GHS 5.18 billion to GHS 6.05 billion over the same period.
Profit-after-tax for Societe Generale Bank stood at GHS 167 million in Q2 2024, a slight increase from the GHS 158 million recorded in Q2 2023.
This translates to earnings per share of 47 pesewas for shareholders.
The quality of the bank’s loan assets has deteriorated, with non-performing loans (NPLs) rising from 14.81% in Q2 2023 to 21.15% in Q2 2024.
Despite this increase, the bank’s NPL ratio remains below the industry average of 24.1%.
The Capital Adequacy Ratio (CAR) of Societe Generale Bank has improved, rising from 14.89% in Q2 2023 to 16.67% in Q2 2024, indicating a stronger capital position.
