Some commercial banks have posted impressive profit growth for the third quarter of 2024, per the unaudited financial statements.
Freshly released financial statements on the Ghana Stock Exchange reveal that some of these banks surpassed the GHS 1 billion mark in earnings by the end of September this year.
These results highlight a strong performance across the sector amid evolving economic challenges, signalling robust gains and reinforcing investor confidence.
For example, Ecobank saw a profit before tax surge by 84.7%, reaching GHS 1,498,506 compared to GHS 811, 414 in the same period in 2023.
GCB Bank reported a profit before tax of GHS 1,005,554 up 21.1% from GHS 830,764 in 2023.
Access Bank recorded GHS 837,626 in profits by the end of September 2024.
Meanwhile, Cal Bank and Republic Bank posted profits before tax of GHS 328,000 and GHS 199,217, respectively, with ADB seeing a remarkable year-on-year growth of 553.3% in profit before tax, rising from GHS 26,999 in 2023 to GHS 176,414 in 2024.
For some market analysts this growth is driven by increased interest income from commissions and fees, along with significant growth in loan portfolios.
While successful deposit mobilisation has been a common strength across these banks, non-performing loans (NPLs) continue to pose a significant challenge for some institutions.
