Access Bank and GT Bank reports huge profits per 3rd Quarter financial reports

The Ghana Stock Exchange (GSE) will suspend the listing status of PBC Limited (PBC) with effect from the end of trading on Wednesday, November 8, 2023. This is in accordance with Rule 13(1) of the Exchange’s Listing Rules. In a circular to the Licensed Dealing Members, Investors, amongst others, the GSE said PBC has failed to submit its financial results since the end of its financial year September 2022. This is contrary to the timely disclosure of information to the market and the listing agreement as per Rule 13(4) (c) and (e) of the Exchange’s Listing Rules, after repeated reminders.

🚩 Access Bank Ghana Plc reported a net profit of GH¢455 million for 3rd Quarter 2023, marking a substantial increase of GH¢145.9 million compared to the previous year’s net profit of GH¢309.6 million. A pivotal driver behind the bank’s remarkable profit growth is the surge in operating income, which ascended from GH¢680 million in Q3 2022 to an impressive GH¢1 billion in the Q3 2023. The bank’s total assets surged from GH¢10.5 billion in Q3 2022 to GH¢11.5 billion in Q3 2023, indicating a 9.5 percent increase over the period. Access Bank’s Capital Adequacy Ratio (CAR) was 24.2% at the end of Q3 2023.

🚩Guaranty Trust (GT) Bank per its third-quarter financial results, reported a net profit of GH¢542 million in Q3 2023, representing an increase of GH¢193 million from the previous year’s net profit of GH¢349 million. The bank’s profit growth was primarily driven by a substantial increase in revenue, which surged from GH¢710 million in Q3 2022 to GH¢1 billion in Q3 2023, underscoring the bank’s ability to generate significant income. GT Bank’s total assets was GH¢10 billion, a 39 percent growth from the GH¢7.2 billion recorded in Q3 2022. GT Bank’s Capital Adequacy Ratio (CAR) at the end of Q3 2023 stood at an impressive 36.3%.

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