Ghanaian Banks post strong profits in first half of 2024

The Bank of Ghana (BOG) has disclosed that the banking industry was profitable in the first half of 2024.According to the BOG's July Monetary Policy report, banks earned more profit-before-tax (PBT) and profit-after-tax (PAT) in June 2024 than they did the previous year.However, the profit growth rate slowed to 25.5 percent in June 2024, down from 51.4 percent at the same time in the previous year.According to the BoG, all banking sector income lines increased in June 2024, albeit at a slower rate than at the same time last year.The Bank reported a 19.4 percent increase in net interest income to GHS11.8 billion, which was lower than the 41.4 per cent rise in 2023.It also posted a 19.1 percent year-on-year increase in interest income to GHS18.0 billion from GHS15.1 billion, compared to 44.3 per cent in June 2023.The Bank attributed the decreased growth in interest revenue to lower rates on money market instruments this year compared to the first half of 2023, and a decline in lending rates.Inter est expenses increased to GHS6.2 billion in June 2024, with a slower growth rate of 18.6 percent compared to 50.0 percent in June 2023.Source: Ghana News Agency