2023 Ghana Banking Survey: Ecobank Ghana remains biggest bank in Ghana

August 9, 2023 / Comments (0)

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Despite the effect of the Domestic Debt Exchange Programme on consumer confidence, Ecobank Ghana remained the biggest bank in Ghana in 2022 with a market share of 13.58%.

According to the 2023 Ghana Banking Survey by PwC, its market share in terms of the banking industry share of deposits was better than the 11.93% recorded 2021.

GCB Bank placed second but lost some market share in terms of the industry’s deposits.

In 2022, its market share stood at 10.87%, slightly lower than the 11.43% recorded in 2021.

From a trend analysis, GCB Bank has been losing its market share since 2017.

The third, fourth and fifth positions were occupied by Stanbic Bank Ghana (SBG), Absa Bank Ghana and Consolidated Bank Ghana.

SBG held its third place with regards to the industry’s deposits from the preceding three years and continuously increased its market share of customer deposits year-on- year. This is similar to Absa who also maintained their fourth position from the previous year. Both Banks increased their market share marginally by 0.08% and 0.1% respectively.

Indeed, Consolidated Bank Ghana improved its position and overtook Fidelity Bank to 5th place, from 6th place in 2021 although its total percentage of deposits to the total industry deposits decreased in 2022.

At the end of 2022, the other banks in the top 10 of industry deposits were Fidelity Bank Ghana, Zenith Bank Ghana, Standard Chartered Bank, Access Bank Ghana and Cal Bank.

Meanwhile, the banking sector saw a jump in deposits growth by more than double the growth recorded in 2021. Compared to the 12.1% rise observed in 2021, growth in deposits was 31.3% as at the end of 2022.

Ecobank maintains 1st position with biggest loans and advances

Again, Ecobank Ghana maintained its position as the bank with the biggest loans and advances in the industry last year.

Its share of industry loans was 14.7%.

Stanbic Bank Ghana overtook Absa and moved from third place to second place in 2022.

The market share of loans and advances for Ecobank Ghana increased by 0.2%. It witnessed a 61.1% growth in the value of its gross loans and advances.

This growth demonstrates the bank’s efforts and strategies implemented to grow its loans portfolio.

On the other hand, Absa took third place with a market share of 9.8%. The gross loans and advances for Absa increased by 19.6% as the commerce & finance, services and miscellaneous sectors concentrated on aiding general trading and commercial activities

GCB maintained its fourth place from the previous year with a market share of 9.5%.

Consolidated Bank Ghana enhanced its place on the loans and advances market share by moving from the 14th position in 2021 to the 9th position in 2022 as part of its continuing endeavour to enhance its competitive position within the industry.

Industry loans continued to be concentrated in the services, and commerce and finance sectors. These sectors make up 41% of total industry loans and advances with 24% and 17% respectively.

The total loans and advances from these two sectors increased by ¢6.61 billion.

Source: myjoyonline.com

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