Banks record GH¢2.9 billion profit before tax in first four months of 2022

Total deposits grow by 21.3% in Q1 of 2022, BoG

Borrowings record strong growth of 66.2%, BoG

Net interest income grew by 12.2%, BoG

The Bank of Ghana has noted that in the first four months of 2022, banks recorded a profit before tax of GH¢2.9billion.

This represents a growth rate of 26.3% compared to a 39.6% rate for the same period in 2021.

The Central Bank also stated that net interest income grew by 12.2% to GH¢4.6 billion, compared to 18.4% growth a year ago.

Compared with a 26.5% growth last year, net fees and commissions went up by 17.7% to GH¢1.1 billion.

According to the Bank of Ghana, these developments in the banking sector have shown the sector’s strong performance despite the reversal of the COVID-19 regulatory relief measures in March 2022.

Also, total assets increased to GH¢194.3 billion by the end of April 2022, representing a 24.8% annual growth, relative to 16.4% growth in the previous year.

This growth was due to increased deposits and borrowings.

Total deposits grew by 21.3% to GH¢127.2 billion, while borrowings recorded a strong growth of 66.2% to GH¢25.9 billion at end of April 2022.