Data from the Bank of Ghana has disclosed that the banking sector was able to make more than GH¢4.4 billion in the first six months of this year.

According to the Central Bank’s Monetary Policy Committee’s latest press release, the industry recorded a before-tax profit of GH¢4.4 billion, a 21.6 percent growth compared with 32.1 percent recorded in the same period last year.

Net interest income also grew at 12.4 percent, compared with 19.4 percent a year ago. Net fees and commissions, however, grew by 29.2 percent, compared to 19.6 percent in the previous year, reflecting a rebound in trade finance-related business.

The Central Bank said these developments culminated in a 23 percent growth in operating income, compared with a growth of 15.7 percent in the year.

Furthermore, operating expenses of the banking sector also recorded a higher growth of 22.9 percent, compared to 7.3 percent in the previous year, moderating the growth in profit before tax during the first half of 2022.

The report continues to highlight that assessment of the banking sector’s performance for the first half of 2022 showed robust growth in assets and deposits.

Total assets grew by 22.8 percent on a year-on-year basis to GH¢200 billion at end-June 2022, compared to the growth of 17.2 percent in the previous year.

On the other hand, total deposits grew slower by 19.1 percent to GH¢131.3 billion, relative to 22.5 percent growth a year earlier.

Credit: citibusinessnews

(by Ellen Dapaah)