{"id":127592,"date":"2023-12-05T11:05:30","date_gmt":"2023-12-05T11:05:30","guid":{"rendered":"https:\/\/www.ghanamma.com\/2023\/12\/05\/banking-sector-shows-stability-banks-record-%c2%a27-10bn-profit-as-of-october-2023-governor\/"},"modified":"2023-12-05T11:05:30","modified_gmt":"2023-12-05T11:05:30","slug":"banking-sector-shows-stability-banks-record-%c2%a27-10bn-profit-as-of-october-2023-governor","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2023\/12\/05\/banking-sector-shows-stability-banks-record-%c2%a27-10bn-profit-as-of-october-2023-governor\/","title":{"rendered":"Banking sector shows stability; banks record \u00a27.10bn profit as of October 2023 \u2013 Governor \u00a0 \u2013"},"content":{"rendered":"<p><\/p>\n<div>\n<p><strong>Despite the significant Domestic Debt Exchange related losses in 2022, the Governor of the Bank of Ghana, Dr. Ernest Addison, has disclosed that the banking industry is stable, safe and sound<\/strong><\/p>\n<p>According to him, prudential data as of October 2023, shows a relative stability in the industry.<\/p>\n<p>Speaking at the Chartered Institute of Bankers Governors Day, Dr. Addison said total assets of banks increased by 16.7% year-on-year to \u00a2257.89 billion as of October 2023. This was funded by deposits, which recorded 26.6% growth to \u00a2199.94 billion from \u00a2172.09 billion a year before.<\/p>\n<p>However, total borrowings by banks contracted by 21.0% to \u00a214.94 billion from \u00a230.41 billion a year earlier.<\/p>\n<p>The Governor also added that profitability of banks has remained relatively strong, on the back of higher interest income on loans and investments as well as other income sources.<\/p>\n<p>These developments, he stressed, culminated in an industry profit-after-tax of \u00a27.10 billion, representing a 60.4% annual growth, compared with 17.2% growth in 2022.<\/p>\n<p>Capital Adequacy Ratio, adjusted for the regulatory reliefs, was 13.4% in October 2023, higher than the revised prudential minimum of 10%.<\/p>\n<p>However, the industry\u2019s Non-Performing Loans ratio increased to 18.3% in October 2023, from 14.0% in October 2022, attributable to elevated credit risk associated with the lagged effect of the macroeconomic crisis in 2022.<\/p>\n<p><strong>Source<\/strong>:\u00a0<a>Joy Business<\/p>\n<p><!-- AI CONTENT END 1 --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Despite the significant Domestic Debt Exchange related losses in 2022, the Governor of the Bank of Ghana, Dr. Ernest Addison, has disclosed that the banking industry is stable, safe and sound According to him, prudential data as of October 2023, shows a relative stability in the industry. Speaking at the Chartered Institute of Bankers Governors [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":106033,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-127592","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Banking sector shows stability; banks record \u00a27.10bn profit as of October 2023 \u2013 Governor \u00a0 \u2013 - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2023\/12\/05\/banking-sector-shows-stability-banks-record-\u00a27-10bn-profit-as-of-october-2023-governor\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Banking sector shows stability; banks record \u00a27.10bn profit as of October 2023 \u2013 Governor \u00a0 \u2013 - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Despite the significant Domestic Debt Exchange related losses in 2022, the Governor of the Bank of Ghana, Dr. Ernest Addison, has disclosed that the banking industry is stable, safe and sound According to him, prudential data as of October 2023, shows a relative stability in the industry. 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