Societe Generale posts GHS 6.1bn assets value in Q1 2022
Societe Generale for the end of the first quarter of this year, posted a total assets value of GHS 6.1bn.
Compared to the GHS 5.1bn assets value recorded same period last year, this marks an increase of GHS 1bn in assets value of the bank.
Per the Societe Generale’s Q1 2022 Financial Statement, total assets value was driven by increments in the bank’s loans and advances to customers and debt instruments at amortised costs.
The two aforementioned mentioned elements grew from GHS 2.2bn to GHS 2.7bn and GHS 937m to GHS 1.3bn in Q1 2021 and Q1 2022 respectively.
Liabilities for the period under review amounted to GHS 5.09bn, some GHS 935m more than the GHS 4.1bn liabilities recorded in Q1 2021.
Accounting for a chunk of the bank’s liabilities was customer deposits which amounted to a total of GHS 4.04bn at end-Q1 2022.
Regarding profits made for the first quarter, Societe Generale for Q1 2022, posted a net profit of GHS 32m, slightly below the GHS 36m net profit recorded in Q1 2021.
Based on the net profit made for Q1 2022, earnings per share for shareholders of the bank amounts to 18 pesewas.
Capital Adequacy Ratio (CAR) of the bank which stands at 19.47% at end-Q1 2022, remains fairly above the Bank of Ghana’s minimum requirement of 13% CAR.
Loan asset quality of the bank remains strong, as the bank’s non-performing loans as a ratio of gross loans stands at 7.24% which is half the banking industry’s average non-performing loans ratio of 14.4%.
Peruse contents of financial statement below:
pdf (19) by Fuaad Dodoo on Scribd
