GT (Guaranty Trust) Bank Ghana was the most profitable bank in 2021 for the second time in a row, according to the 2022 PwC Ghana Banking Survey Report.
It recorded a profit before tax margin of 73.6 percent in 2021, up from 68.8 percent in 2020.
According to the report, GT Bank’s profit before tax margin increased as a result of the period’s increase in operating income.
Net interest income increased by 30%, with interest on loans and advances accounting for the majority of the increase.
Standard Chartered Bank (64.9%) came in second, with Absa (64.6%), Access (60.2%), and Zenith Bank (52.5%) placing third, fourth, and fifth, respectively. Zenith dropped out of the top three, with ABSA taking its place as the third bank with a profit before tax margin of 65%.
Except for Zenith, UBA, First National Bank, and Standard Chartered Bank, all participating banks increased their profit before tax margins by 11.30%, 6.20%, 4.40%, and 0.7%, respectively.
The industry’s net interest income increased by 10%, rising from 10.7 billion in 2020 to 11.8 billion in 2021.
