GT Bank records ¢115m profit in 2022 despite DDEP
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.
Source: Ghana News
