According to the 2024 PwC Banking Survey, Standard Chartered has surpassed expectations, achieving an impressive pre-tax profit of 79.2%, exceeding the industry average of 37.5% and placing it in the top 70th percentile.

The financial survey reveals that GT Bank secured the second spot with a notable 73.1% profitability, following Standard Chartered Bank Ghana.

Access Bank Ghana ranked third at 64.3%, while Zenith Bank Limited closely followed with 64.1%. Stanbic Bank Ghana completed the top five. Other notable mentions include Absa Bank, Fidelity Bank Limited, Societe General Ghana, and FirstBank Ghana, with GCB Bank ranking tenth.

In a significant turnaround, the profit before tax (PBT) margin for Ghana’s banking industry surged by 213.8%, climbing from a negative 32.9% in 2022 to 37.5% in 2023.

This 217% increase marks the highest growth in the past five years, signalling a robust recovery from the Domestic Debt Exchange programme introduced by the government in December 2022. This initiative had significantly impacted the financial results of banks, particularly in terms of investment impairments.

However, when it comes to the share of industry deposits, Ecobank emerged as the leader in terms of deposits, loans, and operating assets within the industry, with GCB Bank trailing in second place.

Notably, Standard Chartered Bank Ghana ranked tenth in this category. The report highlighted that Ecobank commanded over 14% of the total industry deposits in 2023, amounting to 201 billion cedis.

This achievement solidifies its position as the industry leader since 2019. Additionally, the total industry loans and advances were approximately 67 billion cedis, with Ecobank also topping the chart for operating assets, holding about 13.3%.

Meanwhile, the survey, which focuses on customer banking experiences, also shows that almost two-thirds (64%) of customers believe that short wait times in branches significantly enhance their banking experience.

Additionally, 60% of surveyed customers prefer to spend ten minutes or less in a branch to complete their transactions.