Societe Generale grows profit by 52.7%; increases its Capital Adequacy Ratio
Societe Generale for the period between the third quarter of 2020 and 2021, grew its profit by 52.7 percentage points.
In monetary terms, this translates into some Ghs 49.3 million.
The growth in the bank’s profit per its Q3 2021 Financial Statement, was mainly due to the increment in its operating income.
Societe Generale’s operating income for Q3 2021 according to the Financial Statement amounted to Ghs 462 million from the Ghs 405 million recorded same period last year.
The posted profit for Q3 2021, imply earnings per share of 27 pesewas, an increase of 9 pesewas from last year’s 18 pesewas.
The bank, for the review period witnessed an increase of some Ghs 566 million in the value of its assets driven primarily by loans and advances to customers, cash and cash equivalents and non-pledged trading assets.
The total value of the bank’s assets as at end Q3 2021 was Ghs 5.67 billion as against the Ghs 5.10 billion posted for Q3 2020.
Posted liabilities for the review period also increased by close to Ghs 400 million mainly attributable to deposits from customers and some borrowings made by the bank.
Total liabilities for Q3 2021 amounted to Ghs 4.60 billion from Ghs 4.21 billion in Q3 2020.
Concerning its Capital Adequacy Ratio (CAR), Societe Generale on a year-on-year basis increased its CAR from 17.8 percent in Q3 2020 to 20.1 percent which is fairly above the regulatory CAR requirement of 13 percent.
Meanwhile, a marginal deterioration in the bank’s loan asset quality was recorded as its non-performing loans increased slightly from 6.6 percent of total loans last year, to 7.1 percent of total loans this year.
Read details of Societe General’s Q3 Financial Statement below:
pdf (20) by Fuaad Dodoo on Scribd
