Societe Generale Ghana records 290% surge in profit in 2023
Societe Generale (SG)
Societe Generale Ghana has announced a remarkable achievement, recording a profit after tax of GH₵424,802,981 in the year 2023, marking a substantial growth of 290% compared to the previous year, 2022.
Read full articleDespite facing economic challenges prevalent in the nation and the banking sector, the bank attributed this success to efficient cost management and a decline in the Net cost of Risk on sovereign facilities.
The return on equity surged to 28%, a significant increase from the 10% recorded in 2022, while the bank's cost of income ratio dropped sharply from 43% to 39% in 2024.
The bank's liquidity also improved from 98% to 105% in 2023, driven by notable growth in investments and deposits by 111% and 20%, respectively.
Total Assets saw a substantial increase of 29% in 2023, consistent with the rise in loans and investments, reflecting a robust performance across various financial indicators.
Managing Director Ouzzani Hakim highlighted the effective management of risks, particularly regarding the Direct Deposit Electronic Payment (DDEP), which posed indirect third-party risks. He credited the success to the unmatched skills of the team members and the risk department.
The 2023 Annual Report was released during the 44th Annual General Meeting of Societe Generale Ghana in Accra, Ghana.
