Stanbic Bank maintained its position as the bank with the biggest investments on the Ghana Stock Exchange Fixed Income Market in the month of October 2021, despite its controlling stake reducing by almost 2% to 20.66%.
Though it traded more volumes than Standard Chartered Bank, GCB Bank kept its 3rd position with a share of 11.86%, whilst Standard Chartered Bank was 2nd with a controlling stake of 12.34%.
From the trading results, one could deduce that most of the top tier banks have been investing heavily in the largely risk free instruments on the Ghana Stock Exchange.
Stanbic, GCB Bank, Standard Chartered Bank and Ecobank Ghana (10.29%) which are the top four banks trading on the GFIM controlled 55.15% of the market share.
Whilst, Stanbic invested ¢2.7 billion of its deposits on the debt market, Stanchart investment was estimated at 12.34%. These banks tend to invest in the short to medium term instruments, gaining some appreciable interest income to grow their bottom line.
Access Bank (6.78%) which previously sat in the 4th position is now 6th, whilst Guaranty Trust Bank (7.53%), Fidelity Bank (5.75%) and Absa (5.06%) were 5th, 7th and 8th respectively. Together they controlled 25.12% of the Ghana Fixed Income Market.
Agricultural Development Bank, National Investment Bank and Omni BSIC however did not invest in the debt market.
According to the Bank of Ghana, banks investments in bills, securities and equity remained the largest component of total assets as of the end of June this year.
The share of banks investments in total assets therefore increased to 46.5%, from 42.3%, reflecting the 28.8% year-on-year growth in investments in June 2021.
This is relative to the sluggish growth in credits.
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