Digitization is revolutionizing the global banking market and it comes down to adapting or losing out big.
Top 10 banks in Ghana
The coronavirus pandemic hit many cities across continents with banks witnessing firsthand the need for solid online banking infrastructures, digital payments technologies, and smartphone applications that customers would use during the era of COVID-19 and beyond. Prior to COVID-19, customers expected banks to provide them with the ability to transact their businesses with just a few clicks and without having to step into the banking hall. Banks were already in the phase of digitizing their operations. However, COVID-19 brought with it a ‘fuel’ that seems to have sped up the engines of digitization in the banking industry.
The banking industry in Ghana has proven resilient in the wake of the pandemic. According to the Bank of Ghana, in response to the various policy measures to mitigate the negative impact of the virus, banking sector data revealed total assets at GH¢139.0 billion at end-June 2020 which is higher than the 3.5% growth recorded in Q1-2020. Total deposits as at end-June were GH¢90.0 billion recording a year-to-date growth of 7.9% during HY-2020, a strong comeback from the 0.7% growth in Q1-2020.
In this article, we take a look at the top 10 banks in Ghana to look out for in 2021. Though there is a number of parameters that anyone can use to select the top 10 banks in Ghana for 2021, we will be bordering our list on the parameters of operating income, total assets, and profitability.
1. Ghana Commercial Bank (GCB)
Founded in 1953, Ghana Commercial Bank is one of the oldest if not the oldest bank in Ghana. In 2018, GCB was at the number 1 spot of having the highest share of total industry deposits. In 2019, however, it lost its position to ECOBANK Ghana which had a 13.4% share of total industry deposits.
Total assets: GH¢14.8 billion (3rd Quarter, 2020), GH¢10 billion (2019), GH¢7 billion (2018).
Operating income: GH¢1.37 billion (3rd Quarter, 2020), GH¢1.57 billion (2019), GH¢1.28 billion (2018).
Profit after tax: GH¢278 million (3rd Quarter, 2020) GH¢ 260 million (2019). GH¢163 million (2018)
2. ECOBANK Ghana
ECOBANK is a pan-African bank with banking operations existing in 36 African countries. ECOBANK Ghana is one of the many commercial banks licensed by the Bank of Ghana with 67 branches as of 2019.
Total assets: GH¢13.22 billion (2019), GH¢10.45 billion in 2018
Profit after tax: GH¢4.44 million (2019), GH¢3.39 million (2018)
3. Stanbic Bank Ghana
Stanbic Bank Ghana is a subsidiary of Standard Bank Group South Africa with over 800 employees, and 40 branches across the country.
Total assets: GH¢11.10 billion (3rd Quarter, 2020), GH¢9.29 billion (2019), GH¢6.20 billion (2018).
Total income: GH¢793 million (3rd Quarter, 2020), GH¢974million (2019), GH¢796 million (2018).
Profit after tax: GH¢243 million (3rd Quarter, 2020) GH¢ 281 million (2019). GH¢226 million (2018)
4. Consolidated Bank Ghana
Consolidated Bank Ghana was formed out of the merger of five banks (Construction Bank, Beige Bank, Royal Bank, UniBank, and Sovereign Bank) which could not meet the minimum capital reserves of GH¢400 million directed by Bank of Ghana in 2017.
Total assets: GH¢11.21 billion (3rd Quarter, 2020), GH¢6.94 billion (2019), GH¢7.48 billion (2018).
Operating income: GH¢431 million (3rd Quarter, 2020), GH¢569 million (2019), GH¢138 million (2018).
Profit/loss after tax: GH¢20 million (3rd Quarter, 2020) GH¢ 69 million (2019). -GH¢22 million (2018)
5. Standard Chartered Bank Ghana
Standard Chartered Bank Ghana is a subsidiary of Standard Chartered Plc, which has operated since 1869.
Total assets: GH¢8.36 billion (3rd Quarter, 2020), GH¢7.61 billion (2019), GH¢5.96 billion (2018).
Operating income: GH¢769 million (3rd Quarter, 2020), GH¢853 million (2019), GH¢712 million (2018).
Profit after tax: GH¢344 million (3rd Quarter, 2020) GH¢281 million (2019). GH¢210 million (2018)
6. ABSA
Absa Bank Ghana Limited (ABGL), formerly known as Barclays Bank of Ghana Limited, is a subsidiary of Absa Group Limited headquartered in South Africa.
Total assets: GH¢12.70 billion (3rd Quarter, 2020), GH¢11.77 billion (2019), GH¢8.99 billion (2018).
Operating income: GH¢1.02 billion (3rd Quarter, 2020), GH¢1.16 billion (2019), GH¢952 million (2018).
Profit after tax: GH¢340 million (3rd Quarter, 2020) GH¢468 million (2019). GH¢389 million (2018)
7. Fidelity Bank Limited
On June 28, 2006, Fidelity Bank Limited was issued with its Universal Banking License. It operates across 73 Branches with over 100 ATMs across the country to provide financial services to Ghanaians.
Total assets: GH¢10.86 billion (3rd Quarter, 2020), GH¢10.47 billion (2019), GH¢7.01 billion (2018).
Operating income: GH¢748 million (3rd Quarter, 2020), GH¢902 million (2019), GH¢690 million (2018).
Profit after tax: GH¢200 million (3rd Quarter, 2020) GH¢260 million (2019). GH¢163 million (2018)
8. Zenith Bank Limited (ZBL)
Zenith Bank s a large financial service provider in Nigeria with subsidiaries across Africa and a presence in the United Kingdom and the United Arab Emirates. Zenith Bank Ghana Limited is a subsidiary of Zenith Bank PLC
Total assets: GH¢7.0 billion (3rd Quarter 2020), GH¢6.6 billion (2019), GH¢5.5 billion (2018)
Revenue: GH¢589 million (3rd Quarter, 2020), GH¢621 million (2019), GH¢570 million
Profit after tax: GH¢304 million (3rd Quarter, 2020) GH¢ 246 million (2019). GH¢185 million (2018).
9. Cal Bank
Cal Bank formerly Continental Acceptances Ltd. And Cal Merchant Bank began operations in July of 1990.
Total assets: GH¢7.58 billion (3rd Quarter, 2020), GH¢7.04 billion (2019), GH¢5.41 billion (2018).
Operating income: GH¢486 million (3rd Quarter, 2020), GH¢596million (2019), GH¢519 million (2018).
Profit after tax: GH¢136 million (3rd Quarter, 2020) GH¢ 173 million (2019). GH¢153 million (2018).
10. Societe Generale
Societe Generale Ghana Limited is a bank that is based in Ghana, previously known as Société Générale – Social Security Bank.
Total assets: GH¢5.10 billion (3rd Quarter, 2020), GH¢4.44 billion (2019), GH¢3.43 billion (2018).
Operating income: GH¢405 million (3rd Quarter, 2020), GH¢509 million (2019), GH¢401 million (2018).
Profit after tax: GH¢93 million (3rd Quarter, 2020) GH¢ 128 million (2019). GH¢61 million (2018).
