GTBank, Zenith Bank, Access Bank, UBA subsidiaries in Ghana generate N107.68bn profit in 2021
The subsidiaries of Guaranty Trust bank Plc (GTBank), Zenith Bank Plc, United Bank for Africa Plc (UBA) and Access Bank in Ghana reported N107.68billion profit before tax in 2021, an increase of 11.4 per cent reported from N96.7billion in 2020.
Westernpost gathered that Zenith Bank was the only bank with a decline in profit before tax, while Access Bank Ghana grew its profit before tax significantly in the period under review.
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.
Specifically, Zenith Bank Ghana reported 26 per cent decline in profit before tax to N23.35billion in 2021 from N31.6billion in 2020, while Access Bank Ghana generated N34.24billion profit before tax in 2021, an increase of 46.5 per cent from N23.4billion reported in 2020.
In addition, GTBank Ghana reported 28 per cent increase in profit before tax to N33.84billion in 2021 from N26.4billion in 2020, while UBA Ghana grew profit before tax by nearly six per cent to N16.25billion in 2021 from N15.33billion in 2020.
There are currently seven Nigerian banks operating in Ghana representing over 20 per cent of the total number of banks in the country.
Nigerian banks currently operating in Ghana include Access Bank, Ecobank, Fidelity Bank, GTBank, Zenith Bank and UBA.
Analysts attributed the stellar performance of Nigerian banks in Ghana to aggressive market —they introduced a zero minimum deposit requirement to open an account and a very good risk policies.
