In the latest 2024 PwC Banking Survey, Standard Chartered has emerged as a standout performer, achieving an exceptional pre-tax profit margin of 79.2%.
This surpasses the industry average of 37.5% and positions the bank in the top 70th percentile.
Following closely, GT Bank secured the second position with a noteworthy profitability of 73.1%. In comparison, Access Bank Ghana and Zenith Bank Limited recorded profits of 64.3% and 64.1%, respectively, rounding out the top tier of performers. Stanbic Bank Ghana completed the top five in profitability rankings.
The survey highlights a significant turnaround for Ghana’s banking sector, with the profit before tax (PBT) margin soaring by 213.8% from a negative 32.9% in 2022 to 37.5% in 2023. This dramatic increase marks the highest growth rate in the past five years, signalling a robust recovery driven partly by the government’s Domestic Debt Exchange programme initiated in December 2022.
In terms of industry deposits, Ecobank leads the pack, commanding over 14% of the total industry deposits, amounting to 201 billion cedis in 2023. Ghana Commercial Bank follows closely in second place.
The survey also underscores customer preferences, revealing that nearly two-thirds (64%) of customers value short wait times in branches as crucial to their banking experience. Approximately 60% of respondents prefer spending ten minutes or less in a branch to complete their transactions.
The report emphasizes Ecobank’s sustained dominance in industry leadership since 2019, particularly in total deposits, loans, and operating assets, where it maintains a significant presence.
