Audio By Carbonatix
Despite the negative impact of the Domestic Debt Exchange Programme on the financials of most Ghanaian banks, Guaranty Trust (GT) Bank Ghana continued its trend of profitability in the year 2022.
The bank recorded profit of ¢115 million in 2022 as against a profit of over ¢500 million in 2021.
Strong growth in the banks’ net interest income and net fees and commission income among others, contributed to its profitability last year.
According to the banks 2023 Audited Statement of comprehensive income for the year ended December 31, 2022, its revenue increased by about 49% to the ¢967 million in 2022, from ¢648 million in 2021.
The strong growth in revenue propelled the bank to an after-tax profit margin of 17% despite an impairment of ¢557 million on its financial instruments.
The bank also recorded a Capital Adequacy Ratio, a principal financial soundness indicator of 33.42%.
This demonstrates the banks‘ ability to finance their long-term capital expenditures and ventures.
Latest Stories
-
Gender Ministry supports Harriet Amuzu in ongoing abuse case
12 minutes -
AG joins plaintiff to scrap OSP ?: We should be mindful of the mischief in this – Bobby Banson
18 minutes -
Samson Lardy Anyenini questions willingness of Attorneys-General to prosecute political colleagues
20 minutes -
It is only fair the OSP is heard in Supreme Court case – Bobby Banson
26 minutes -
Asiedu Nketia resumes Ashanti tour, second leg kicks off on Sunday
35 minutes -
NLA denies salary cut claims, threatens legal action over reports
39 minutes -
BoG Governor honoured for stabilising cedi, improve inflation
41 minutes -
Kyebi Easter Homecoming 2026: A resounding success!
1 hour -
Trade Minister applauds GUTA as a pillar of economic growth; Prez Mahama honoured
2 hours -
President’s brother’s takeover of Damang Mines is ‘untidy’ – Alhassan Tampuli
2 hours -
It’s not true that gov’t decided not to renew the lease for Gold Fields – Bobby Banson
2 hours -
Ghana to boost tomato production with 60-hectare irrigated farms and processing initiatives
2 hours -
E&P’s takeover process of Damang Mines was very clean – Inusah Fuseini
2 hours -
Damang takeover: There is not going to be any job loss; it is a lease change – Bobby Banson
3 hours -
Gold Fields didn’t stop mining at Damang mines; such claims are untrue – Bobby Banson
3 hours