Banks see strong growth in their asset base in 1st half of 2021

Data from the financial statements of about 60% of banks in the country for the first half of the year 2021, shows steady growth in their total assets.

While banks like UBA Bank and OmniBSIC Bank saw their asset base grow by almost 40 percent at the end of the first half of 2021, when compared with the figures recorded at the end of the first half of 2020, others like FBNBank and Fidelity Bank, saw their asset base grow by about 5 percent in the same period under review.

UBA bank ended the first half of 2020 with total assets amounting to GHS3.38 billion. This figure rose to about GHS4.69 billion at the end of June 2021, representing a growth of about 38.98%.

A leading bank like ADB Bank ended June 2020 with total assets valued at about GHS4.9 billion, rising to about GHS6.1 billion at the end of June 2021, representing a growth of about 26%.

Of the 13 banks reviewed by Citi Business News, GCB Bank and Ecobank had 2 of the largest asset bases.

While the asset base of GCB bank grew by 16% from about GHS14.16 billion at the end of June 2020 to GHS16.4 billion at the end of June 2021, Ecobank saw its asset base grow by 18.27% from about GHS13.7 billion to GHS16.2 billion within the period under review.

Banks like CAL Bank and Access Bank also recorded impressive growths of about 28% and 24% respectively in their total assets.

CAL Bank went from about GHS7 billion to GHS9 billion, while Access Bank went from about GHS5.6 billion to GHS7 billion during the period under.

Some banks like Fidelity Bank and FBN bank grew by a marginal of 4.25% and 5.28% respectively. Fidelity saw its assets base grow from about GHS 10.2 billion at the end of June 2020 to GHS 10.6 billion at the end of June 2021.

The total assets of FBNBank meanwhile grew from GHS1.6 billion to GHS1.69 billion within the same period.

Overall, the Central bank in its assessment of the banking sector performance for the first 6 months in 2021 stated that the performance of the sector reflected sustained growth in total assets, investments and deposits. Total assets increased by 17.2 percent to GH¢162.9 billion, on account of strong growth of 28.8 percent in investments in government securities to GH¢75.7 billion.

Source: Citibusinessnews