Average interest on deposits drops marginally in June – BoG report

The average interest offered by banks on customer deposits dropped by 2.67 percent between May and June 2017, the latest Annual Percentage Rates (APR) and Average Interest (AI) report by the Bank of Ghana, has indicated.

Per the report, the figure declined from 11.2 to 10.9 percent within the one month period. Omnibank is the bank that offers the highest interest rates on customer deposits at 17.3 percent despite the decline.

The bank is followed by Bank of Baroda and the Royal Bank with 15.4 and 14.7 percent respectively, at the 2 and 3 positions The 4th and 5th positions are occupied by Stanbic Bank and First Atlantic Bank with interests on customer deposits at 14.1 and 13.8 percent.

United Bank for Africa and GN Bank which occupy the 6th and 7th positions with their interests at 13.6 percent and 13.3 percent, follows in that order. At the 8th, 9th 10th and 11th positions are Bank of Africa, Capital Bank, Unibank, UT Bank and Zenith Bank with interests on deposits at 13.0, 12.6, 11.6 and 11.5 percent in that order.

HFC Bank, National Investment Bank, First National Bank, FBN Bank, Prudential Bank and Sovereign Bank occupy the 12th, 13th 14th and 15th positions with with 11.4, 11.1, 10.9 and 10.5 percent, respectively. With 10.4 and 10.0 percent, Barclays and Fidelity Bank Barclays followed with the 16th and 17th position.

Access Bank, Societe General, and Heritage Bank took the 18th, 19th and 20th slots with interests on customer deposits at 9.8, 9.7 and 9.6 percent. Ecobank, ADB Bank, BSIC ,Cal Bank and GCB Bank placed 21st, 22nd, 23rd, 24th and 25th with 9.2, 9.1, 9.0, 8.7 and 7.6 percent in that order.

The 26th and 27th positions were occupied by Guaranty Trust Bank and Standard Chartered Bank with 7.4, and 5.9 percent on customer interest. The 28th position was filled by Energy Bank with 5.7 percent interest on customer deposit.