Stanbic Bank adds GHS 4.4bn to assets value; keeps NPLs at 7%
Stanbic Bank Ghana – subsidiary of the Standard Bank Group – for the period ended Q3 2022, recorded total assets value of GHS 18.1bn.
This is up from the GHS 13.7bn total assets value recorded for same period last year, indicating a year-on-year (YoY) increase of GHS 4.4bn.
Growth in the bank’s assets value was on the back of increments in its cash and cash equivalents, investment securities as well as loans and advances to customers.
The aforementioned components of Stanbic Bank Ghana’s total assets grew from GHS 3.1bn to GHS 4.07bn; GHS 2.1bn to GHS 3.2bn and GHS 4.9bn to GHS 7.4bn in Q3 2021 and Q3 2022 respectively.
Liabilities of the bank driven mainly by deposits from customers, also grew by GHS 4.1bn YoY ending Q3 2022 at GHS 16.01bn from the previous year’s value of GHS 11.8bn.
Deposits from customers accounted for GHS 13.1bn of the bank’s total liabilities.
Stanbic Bank maintained its strong asset quality only marginally improving it by reducing its non-performing loans (NPLs) from 7.15% in Q3 2021 to 7.11% in Q3 2022.
The bank’s current NPLs is twice less the industry’s average NPLs of 14%.
However, the bank’s Capital Adequacy Ratio (CAR) within the review period was weakened as its CAR declined from 19.78% in Q3 2021 to 15.07% in Q3 2022 – some 2 percentage points above the Central Bank’s 13% minimum CAR requirement.
CAR measures a bank’s capacity to cover losses made from bad loans and protect depositors’ funds.
A perusal of the bank’s Q3 2022 Financial Statement by norvanreports revealed that, recorded net profit at end-Q3 2022 stood at GHS 392m.
Some GHS 95m above the GHS 297m net profit recorded at end-Q3 2021.
