Societe Generale recorded a 51% growth in earnings in the third quarter of 2021, as profit surged to ¢142 million.

A significant reduction in cost (interest expense, operating expense) and bad loans helped the listed bank to record outstanding growth in its ‘bottom-line’.

The bank’s stock is the second best on the Ghana Stock Exchange in 2021, appreciating in value by more than 87% to ¢1.20 per share.

According to its Third Quarter Financial Statement, Societe Generale recorded an interest income of ¢376.5 million at the end of September 2021, as against ¢381.7 million during the same period last year. However interest expense during the period was considerably lower than same period last year.

Operating expense was also very low, contributing to growth in earnings.

At the same time, net impairment loss at the end of September 2021 stood at ¢23 million, compared with ¢34.3 million a year ago.

The balance sheet size of the bank was estimated at more than ¢11 billion.

Customer deposits also stood at ¢3.62 billion in September 2021, about 5.8% increase over that of September 2020.

For the financial soundness indicators, Capital Adequacy Ratio (CAR), stood at 20.1% in September 2021, slightly below industry average of 20.7%.

Non-Performing Loans was 7.1% in the third quarter of 2021, far below industry average of 17.3%

Also, Liquidity ratio stood at 107% in September 2021, signifying a very liquid bank.

Financial Soundness Indicators

 September 2021September 2020
Capital Adequacy Ratio20.1%17.8%
Non-Performing Loans7.1%6.6%
Liquidity ratio107%91.4%



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