Société Générale Ghana Achieves Remarkable 290% Growth in 2023

Société Générale Ghana Achieves Remarkable 290% Growth in 2023

Société Générale Ghana has recorded a Profit after tax of GH₵424,802,981, representing a growth of 290% from what was recorded in the prior year, 2022.

The bank said it achieved the feat amidst the economic challenges plaguing the nation and banking industry.

Combined with the efficient management of costs and decline in Net cost of Risk on sovereign facilities, the return on equity for the year consequently soared to 28% from the present 10% in 2022.

SGs cost of income ratio also dropped sharply from 43% to 39% in 2024.

In 2023, the report further indicated that, the bank’s liquidity improved from 98% to 105%. This was largely influenced by the 111% and 20% growth in investments and deposits respectively.

SG’s Total Assets significantly increased by 29% for the year 2023, which was consistent with the increase in loans and investments.

Impact of DDEP

“Whilst the DDEP had minimal impact on the banks profitability, it still posed an indirect third-party risk (inability of clients to repay loans due to investments of company funds in Government Securities). I am happy to report that these envisaged risks were managed very well, thanks to the unmatched skills of the team members and our risk department,” Ouzzani Hakim, the Managing Director of SG Ghana highlighted.

The 2023 Annual Report was released at the 44th Annual General Meeting of the Societe Generale Ghana in Accra Ghana.

Source: Joy News