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Societe Generale reports strong Q3 2023 performance with GHS 127m growth in net profit

2 years ago
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Societe Generale reports strong Q3 2023 performance with GHS 127m growth in net profit

Societe Generale Ghana, in its third-quarter report for 2023, posted impressive financial results, showcasing a robust performance.

The bank reported a net profit of GHS 272 million, a noteworthy increase of GHS 127 million compared to the prior year’s figure of GHS 145 million.

This remarkable growth in net profit was primarily attributed to a substantial surge in operating income, which surged from GHS 871 million in Q3 2022 to GHS 1.02 billion in Q3 2023.

The bank’s total assets also witnessed a substantial uptick, reaching GHS 8.1 billion, compared to GHS 7 billion in the same period the previous year, reflecting a year-on-year increase of GHS 1.1 billion.

The increase in asset value was primarily driven by a significant expansion in loans and advances to customers, reaching GHS 3.6 billion.

Despite this overall growth, it’s worth noting that the bank experienced a decline in cash and cash equivalents, which stood at GHS 1.4 billion, marking a reduction of GHS 200 million from the prior year’s figure of GHS 1.6 billion.

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On the liability side, the bank’s total liabilities showed an increase, rising from GHS 5.8 billion in Q3 2022 to GHS 6.8 billion in Q3 2023.

The surge in liabilities was chiefly attributed to the growth in deposits from bank customers, which reached GHS 4.9 billion by the end of Q3 2023, compared to GHS 4.2 billion in the same period the previous year.

However, the bank did face challenges in its loan asset quality, with the non-performing loan ratio escalating to 12.43% in Q3 2023 from 6.87% in Q3 2022. The deterioration in loan quality is a concern that the bank may need to address in the coming quarters.

In terms of capital adequacy, Societe Generale Ghana maintained a Capital Adequacy Ratio (CAR) of 15.13% at the end of Q3 2023, slightly above the industry’s 14% standard.

It’s worth noting that this CAR figure experienced a marginal decline of 0.8% compared to Q3 2022, signaling the need for vigilant management of capital resources.

Societe Generale Ghana’s Q3 2023 results demonstrate a mixed bag of impressive profit growth, expanding assets, and increased liabilities. However, the deterioration in loan asset quality and a slight dip in CAR could be areas of concern for the bank moving forward.

Tags: assetsliabilitiesnet profitSociete Generale GhanaSociete Generale reports strong Q3 2023 performance with GHS 127m growth in net profit
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