The banking industry bounced back from its loss position in 2022 to record a profit in 2023, the Bank of Ghana has disclosed.
According to the Central Bank, this reflects sustained increases in net interest income and fees and commissions.
It pointed out that the industry’s balance sheet was generally strong, underscored by increased assets in December 2023, funded largely by deposits.
Key financial soundness indicators remained broadly positive with the Capital Adequacy Ratio (adjusted for reliefs) above the regulatory minimum, while liquidity and profitability ratios were higher in December 2023 compared to the same period last year.
The Non-Performing Loan ratio, however, increased in 2023, because of general repayment challenges on the part of borrowers, reflecting the impact of general macroeconomic challenges encountered in 2022.
But the latest stress tests indicate that the sector remains stable on the back of the ongoing recapitalisation process by shareholders alongside support from the Ghana Financial Stability Fund.
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