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

Spread the love

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.

 

Ecobank Ghana

 

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

THIS IS TRENDING:   Government Completes Takeover Of AirtelTigo

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 3rd, 4th, 5th, 6th, and 7th respectively.

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

GCB Bank

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

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

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

THIS IS TRENDING:   Bank of Ghana Launches Ghana Gold Coin, Priced Between GH₵11K and GH₵45K

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.

 

 

 

We Will Love You To Join Our Over 100k Members Instagram Family With Just One Click @gharticles

 

 

Source: GhArticles.com

About Media President

Check Also

Bitcoin Hits Record High of $80,000 Following Trump’s Election

Spread the love Bitcoin’s value surged to a record-breaking $80,000 on November 11, 2024, following …