2024 PwC Banking Survey released: Here are Ghanaian banks in good standing
The 2024 PwC Banking Survey has been released, revealing interesting developments in the Ghanaian banking sector.
The survey ranks GT Bank second with a notable profitability of 73.1%, just behind Standard Chartered Bank Ghana. Access Bank Ghana comes in third at 64.3%, followed closely by Zenith Bank Limited at 64.1%, and Stanbic Bank Ghana completing the top five. Other notable banks include Absa Bank, Fidelity Bank Limited, Societe Generale Ghana, and FirstBank Ghana, with GCB Bank in the tenth position.
The report highlights a remarkable turnaround in Ghana’s banking sector, with the profit before tax (PBT) margin increasing by 213.8%, rising from a negative 32.9% in 2022 to 37.5% in 2023. This 217% growth is the highest in five years, indicating a strong recovery following the government’s Domestic Debt Exchange programme launched in December 2022, which had significantly affected banks’ financial results, particularly regarding investment impairments.
Ecobank leads the industry in deposits, loans, and operating assets, with GCB Bank following in second place. Standard Chartered Bank Ghana ranks tenth in this category. According to the report, Ecobank held over 14% of total industry deposits in 2023, amounting to 201 billion cedis, reinforcing its position as the industry leader since 2019. The total industry loans and advances were approximately 67 billion cedis, with Ecobank also leading in operating assets at about 13.3%.
The survey also reveals insights into customer banking experiences, showing that 64% of customers believe that shorter wait times in branches enhance their banking experience significantly. Additionally, 60% of customers prefer to spend ten minutes or less in a branch to complete their transactions.
