It recorded 73.6 per cent profit before tax margin in 2021, higher than the 68.8 per cent in 2020.

According to the report, the profit before tax margin for GT Bank increased as a result of the growth in operating income for the period.

Net interest income recorded a significant increase of 30 per cent with interest on loans and advances contributing significantly.

Standard Chartered Bank (64.9 per cent) followed in the 2nd position, whilst Absa (64.6 per cent), Access (60.2 per cent) and Zenith Bank (52.5 per cent) placed 3rd, 4th and 5th respectively. Zenith lost its place amongst the top 3 and was replaced by ABSA as the third bank with profit before tax margin of 65 per cent.

All participating banks recorded an increase in profit before tax margin except for Zenith, UBA, First National Bank and Standard Chartered Bank which recorded a decrease of 11.30 per cent, 6.20 per cent, 4.40 per cent and 0.7 per cent respectively.

The industry’s net interest income increased from ¢10.7 billion in 2020 to ¢11.8 billion in 2021 representing a 10 per cent growth.