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Home Business News

Nigerian Banks seem to have gotten Ghana right 

Onome Ohwovoriole by Onome Ohwovoriole
March 19, 2019
in Business News, Company News
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Despite the somewhat challenging operating environment in the country, Nigerian banks have been able to run profitable operations, not only in the country but in neighbouring Ghana. 

This article looks at four of the country’s largest banks (collectively known by the Nairametrics acronym FUGAZ) whose Ghanaian operations accounted for a significant part of African operations.  

Guaranty Trust Bank  

Ghanaian operations accounted for 4.7%  or N9.3 billion of the N197 billion in profit before tax made by the group in 2017. This increased to 7.6% or N16.3 billion of the N215 billion that the bank made in profit before tax in 2018.  

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On a continental basis, the Ghanian unit had the highest profit before tax ex Nigeria in 2018.  

Access Bank  

The same pattern played out in Access Bank. In a presentation released following the bank’s FY 2018 results, the Ghanaian unit was the best performing African Unit. > 

Access Bank Ghana had a profit before tax of N9.3 billion in 2018. This amounted to 9.3% of the N103 billion, in profit before tax the group made during the year in question.   

Zenith Bank  

Zenith Bank Ghana accounted for N13.4 billion or 6.9% of the N193 billion profit before tax the group recorded in 2018. The bank was also the best-performing subsidiary for the financial year in question, out–performing the UK Branch and Zenith Pension Custodian. 

UBA  

UBA Ghana was also the best-performing African subsidiary ( as well as the larger group) for the 2018 financial year. The bank recorded a profit before tax of N15.3 billion in 2018. It thus accounted for 14.4% of the N106 billion in profit before tax the group recorded in 2018. 

An analyst’s view  

Arnold Dublin Green, a Senior Portfolio Manager with Ecobank,  believes that the stellar performance of Nigerian banks in Ghana is down to two things: 

“When they came into the market, they were aggressive —they introduced a zero minimum deposit requirement to open an account. They were able to win customers. They also have very good risk policies.”

  

 


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Tags: FUGAZ BanksGhana’Banking Sector
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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