![](\"http:\/\/www.ghanamma.com\/wp-content\/uploads\/2022\/10\/banks.jpg\")
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Profit before tax of banks stood at \u00a26.1 billion in August 2022, representing an annual growth of 25.2%, the Bank of Ghana has pointed out.<\/p>\n
This is compared to 27.4% in the previous year.<\/p>\n
According to the Monetary Policy Report, net interest income grew by 17.3%, compared to 17.9%.<\/p>\n
Net fees and commissions also increased by 26.9% to \u00a22.3 billion, compared with 21.8% growth in the previous year, reflecting the rebound in credit growth as well as an increase in trade finance-related business.<\/p>\n
Other income of banks also grew by 85.6% to \u00a22.0 billion, compared with a contraction of 5.4% a year ago. These developments resulted in a 25.5% growth in operating income to \u00a214.2 billion, relative to a growth of 15.7% in the previous year.<\/p>\n
Operating expenses, however, increased sharply by 24.3% in August 2022, compared to 9.0% growth in August 2021, partly reflecting the impact of inflation on banks\u2019 operations.<\/p>\n
Banking sector performance remains resilient<\/strong><\/p>\n The report said the banking sector performance remained resilient as of the end of August 2022.<\/p>\n Total assets increased by 22.9% on year-on-year basis to \u00a2204.6 billion in August 2022 due to sustained growth in deposits, compared to a 16.7% annual growth in the previous year.<\/p>\n Total deposits increased by 22.5% to \u00a2136.7 billion, relative to 21.8% growth in August 2021.<\/p>\n The key Financial Soundness Indicators (FSIs) of the banking industry have remained positive in the year, with Capital Adequacy Ratio at 18.1%, well above the regulatory minimum of 13.0%.<\/p>\n The sector was also liquid, reflected by an increase in the core liquid assets to short-term liabilities to 31.1% in August 2022 from 24.7% in the previous year.<\/p>\n Asset quality also improved as the Non-Performing Loans ratio.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" Profit before tax of banks stood at \u00a26.1 billion in August 2022, representing an annual growth of 25.2%, the Bank of Ghana has pointed out. This is compared to 27.4% in the previous year. According to the Monetary Policy Report, net interest income grew by 17.3%, compared to 17.9%. Net fees and commissions also increased […]<\/p>\n","protected":false},"author":1,"featured_media":1217382,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[26986,1274,7944,26987],"class_list":["post-1217380","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-6-1bn","tag-grows","tag-profitbeforetax"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1217380","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1217380"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1217380\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1217380"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1217380"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1217380"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}