Societe Generale Ghana has reported a notable achievement with a Profit after tax of GH₵424,802,981, marking a remarkable 290% growth compared to the previous year, 2022.
Despite facing economic challenges within the nation and the banking industry, the bank managed to attain this feat.
The significant improvement in Profit after tax can be attributed to efficient cost management and a decrease in the Net cost of Risk on sovereign facilities.
Consequently, the return on equity surged to 28% from the previous year’s 10% in 2022. Additionally, SG’s cost of income ratio saw a notable decrease from 43% to 39% in 2024.
Moreover, the report for 2023 revealed positive trends, including a boost in liquidity from 98% to 105%.
This improvement was largely influenced by a 111% growth in investments and a 20% increase in deposits.
Furthermore, SG’s Total Assets experienced a significant uptick of 29% in 2023, aligning with the rise in loans and investments during the same period.