Societe Generale records GHS 73.5m profit at end-Q1 2023; assets rise to GHS 7.5bn
Societe Generale for the first quarter of 2023 recorded a net profit of GHS 73.5m.
The GHS 73.5m net profit is on a lower side when compared to the GHS 108m net profit recorded in Q4 2022 despite the execution of the domestic debt exchange programme by government.
However, the GHS 73.5m net profit is on a higher side when compared to the net profit of GHS 31.6m recorded in Q1 2022.
Assets value of the bank within the review period rose to GHS 7.5bn from GHS 6.1bn driving largely by increments in the banks debt instruments (GHS 2.1bn) and loans and advances to customers (GHS 3.2bn).
Liabilities of the bank at end-Q1 2023 stood at GHS 6.4bn, some GHS 1.4bn increment from the previous figure of GHS 5bn.
Increment in the liabilities of the bank was mainly driven by growth in deposits to the bank by customers accounted for GHS 4.6bn of the total GHS 6.4bn liabilities.
Capital Adequacy Ratio (CAR) of the bank within the review period declined to 14.15% from the previous figure of 19.47%.
The decline indicates a weakening of the ability or capacity of the bank to absorb potential and unexpected losses.
Non-performing loans (NPLs) of the bank rose to 14.85% from the previous year’s figure of 7.24%. The increase in NPLs indicates a deterioration of the loan asset quality of the bank.
