Societe Generale grows asset to GH₵ 5.41 billion in second quarter
Societe Generale Ghana for the second quarter of 2021 posted a net assets value of GH₵5.41 billion.
The recorded assets value revealed a year-on-year increase of some GH₵300 million when compared to the GH₵5.11 billion total assets value recorded in the same period last year – Q2 2020.
Main drivers of the bank’s assets value per its Financial Statement for the second quarter of 2021 were cash and cash equivalents and non-pledged trading assets.
The other elements that contributed to the increase in assets value include the bank’s intangible assets, deferred tax assets and investments in other than securities.
Cash and cash equivalents of the bank grew from GH₵868 million in Q2 2020 to GH₵1.26 billion in Q2 2021.
Non-pledged trading assets for the review period also grew from GH₵95 million to GH₵137 million.
With regard to the bank’s liabilities for the period ended Q2 2021, total liabilities amounted to GH₵4.41 billion from the previous GH₵4.24 billion recorded in Q2 2020.
The bank’s liabilities was driven mainly by increments in the deposits from other banks, deposits from customers and other liabilities.
Deposits from other banks, customers and other liabilities of the bank amounted to GH₵40 million from GH₵3 million; GH₵3.4 billion from GH₵3.3 billion; and GH₵397 million from GH₵305 million in Q2 2021 and Q2 2020 respectively.
Total comprehensive income made for the reporting period stood at GH₵68 million, representing a year-on-year increase of GH₵3 million from last year’s GH₵65 million recorded total income
The posted income translates into earnings per share of 19 pesewas for equity holders of the bank.
Societe Generale, for the period ended Q2 2021, strengthened its Capital Adequacy Ratio (CAR) increasing it by 3.11 percentage points more from the previous year.
The bank’s CAR, at the end of June 2021, was 20.81% as against the 17.70% recorded at the end of June 2020.
Despite the recorded growth in its CAR, the bank witnessed a weakening of its loan asset quality as it’s non-performing loans increased slightly by 1.87 percentage points from 5.85% to 7.72%.