2019 Banks Financial: Societe General records 107% growth in profit

Listed bank, Societe Generale registered a whopping 107% increase in earnings in 2019.

According to its 2019 Audited Financial Statement, profit shot up from GHS61 million in 2018 to GHS128 million last year.

Huge earnings from interest income as a result of increase in stated capital and reduction in impairment loss on financial assets, triggered this outstanding performance.

Interest income in 2019 was GHS454 million as against GHS353 million in 2018.

Earnings per share therefore increased from 11 pesewas per share the previous year to 18 pesewas per share in 2019. This means investors will enjoy an increase of 7 pesewas in every share of their investments.

Deposits from banks also grew by 46% to GHS3.1 billion in 2019.

For Financial Soundness Indicators, Capital Adequacy Ratio stood at 15.06% in 2019, down from 16.79% recorded in 2018.

Liquidity ratio also declined from 89.69% in 2018 to 64.57% in 2019.

Non-Preforming Loan Ratio also went down from 14.80% in 2018 to 8.8% in 2019.

That, however, is welcoming news to the bank.

Societe Generale is presently trading at 72 pesewas per share on the Ghana Stock Exchange.