Ecobank Ghana and GCB Bank control 23.9% of banking industry deposits; Zenith Bank ranked 1st in financial performance

Ecobank Ghana and GCB Bank controlled about 23.9% of the banking industry market share in terms of deposits in 2020, according to a research analysis by an investment firm, Tesah Capital.

However, Zenith Bank was the best bank in Ghana last year in terms of financial performance.

Ecobank Ghana and GCB Bank continued to show their dominance in the banking industry, controlling almost a quarter of the industry’s deposits.

Whilst, Ecobank Ghana led the pack with 12.4% of the market share in 2020, GCB Bank controlled about 11%.

The two banks also operate a digital platform that enables customers to undertake several transactions. This has helped them to grow and increase their deposits.

Stanbic, Absa, Consolidated Bank Ghana, Fidelity, and Standard Chartered Bank placed 3^rd, 4^th, 5^th, 6^th, and 7^th respectively.

On loans, Ecobank Ghana dominated the industry, controlling 10.4% of the assets last year.

Absa, Stanbic, and GCB followed suit in 2^nd, 3^rd, and 4^th respectively.

Meanwhile, Zenith Bank maintained its number one position as the best bank in financial performance in 2020.

Standard Chartered Bank moved into the 2^nd position, whilst Ecobank which was 2^nd in 2019 and GCB Bank placed 3^rd and 4^th respectively.

On the contrary, FBN Ghana, UMB, and Prudential Bank were the least ranked banks. National Investment Bank and OmniBSIC were not captured in the report.

The rankings emanated from an assessment of the creditworthiness and performance of the banks using capital adequacy ratio, assets size, management capability, earnings, and liquidity.

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Source: GhArticles.com