Ecobank Ghana total assets value surge to record GHS 24.3bn

Pan-African bank, Ecobank Ghana, continues to maintain its position as the country’s largest bank – in terms of total assets value – as the bank ended Q3 2022 with total assets value of GHS 24.3bn.

Behind Ecobank Ghana in terms total assets value is state-owned bank, GCB with total assets value above GHS 21bn.

A perusal of the bank’s Q3 2022 Financial Statement by norvanreports reveals Ecobank Ghana grew its total assets value by some GHS 7.6bn on a year-on-year basis when compared to last year’s GHS 16.7bn total assets value.

Growth in total assets value was driven by increments in the bank’s cash and balances with banks, loans and advances to customers and non-trading assets.

Within the review period, the aforementioned components increased from GHS 3.2bn to GHS 5.2bn; GHS 4.6bn to GHS 8.5bn and GHS 6.6bn to GHS 7.01bn in Q3 2021 and Q3 2022 respectively.

Regarding liabilities recorded at end-Q3 2022, liabilities of Ecobank Ghana stood at GHS 21.6bn, an increase of some GHS 7.5bn when compared to the GHS 14.1bn liabilities recorded same period last year.

Growth in Ecobank Ghana’s liabilities was driven mainly by deposits from customers which stood at GHS 18bn at end-Q3 2022.

Ecobank Ghana within the review period witnessed the strengthening of its asset quality as the bank reduced its non-performing loans (NPLs) from 13.59% to 8.81%.

The reduction in NPLs signifies robustness in the loan recovery methods of Ecobank Ghana.

Despite being able to strength its asset quality, Ecobank Ghana within the review period failed to strengthen its Capital Adequacy Ratio (CAR) as the bank’s CAR declined from 18.12% to 13.21%.

Regarding profit made within the review period, net profit at end-Q3 2022 stood at GHS 578m up from the previous year’s net profit of GHS 464m.