PwC Quarterly Banking Report: Absa Bank Ghana was most profitable bank in quarter 3, 2023

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PwC

Absa Bank Ghana was the most profitable bank in Ghana in the third quarter of 2023, PwC’s quarterly analysis of the banking industry report has revealed.

This report is coming on the back of the Domestic Debt Exchange Programme.

According to the report, Absa Bank Ghana recorded an increase in year-on-year profit by 103.5% to ¢1.506 billion in the first nine months of 2023.

It was followed by Stanbic Bank Ghana with quarter 3, 2023, profit of ¢1.18 billion (84.1% growth year-on-year).

Guaranty Trust (GT) Bank came 3rd with a profit of ¢847.5 million (57.7% year-on-year increase).

GCB Bank (¢830.8 million), Standard Chartered (¢820.8 million), and Ecobank Ghana (¢790.4 million) came 4^th, 5^th, and 6^th respectively.

The least profitable bank was First National Bank, with a 103% decline in profit to about ¢400,000.

However, all the banks registered profits in the first nine months of 2023.

GT Bank most efficient bank

For efficiency, GT Bank (19.0%) was the most efficient bank in terms of cost-to-income ratio in quarter 3, 2023.

It was followed by UBA (25.7%) and Absa Bank Ghana (29.4%).

The lowest-ranked efficient bank was Consolidated Bank Ghana (121.3%).

Ecobank Ghana remains biggest bank

For the market share, Ecobank Bank remained the biggest bank in Ghana, controlling the banking industry deposits by 13.1% as of September 30, 2023.

It was followed by GCB Bank and Stanbic Bank Ghana with 10.5% and 9.2% market share respectively.

The three banks also controlled the industry loans and advancement with a total share of 34.2%.

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