Banking and Finance

T-bills, bonds dominate income sources of banks – BoG report

1 Mins read

It is emerging that banks are still accruing a large percentage of their income from their investments in various securities.

The latest banking sector report released by the Bank of Ghana disclosed that this component of income increased to 44.8 percent in October 2019 from 42.9 percent in October 2018.

The Bank of Ghana’s industry report showed that income from investments comprising bills and securities reached 47.47 billion cedis in October 2019; compared to the 42.84 billion cedis recorded in the preceding year.

Of this amount, bills which refer to promise papers which mature in a year or less, raked in 16.47 billion cedis in October 2019; up from the 14.81 billion cedis recorded in the same period in 2018.

Also, securities which refer to stocks or investments in companies and bonds which usually mature after ten years and above, gave banks 30.99 billion cedis last year indicating a rise from the 28.02 billion cedis made in the year before.

Meanwhile, income from loans, the second income generating venture for banks, declined to 34.5 percent from 36.1 percent during the same review period.

The third largest income source for the banking industry were fees and commissions such as charges on ATM cards, cheque books, account maintenance fees amongst others.

They accounted for 12.3 percent of total income in October 2019 down from the 12.7 percent recorded during the same period in October 2018.

However, other income category, described as residual, increased marginally to 8.5 percent from 8.2 percent during the period under review.

See also  BoG launches refinitiv foreign exchange matching platform
Related posts
Banking and FinanceBusinessfinanceHow To Spend

Fitch Solutions Predicts Cedi to Dollar Rate of GH¢12.25 by Year-end; Currency Sees 11% Depreciation

1 Mins read
Fitch Solutions Predicts Cedi to Dollar Rate of GH¢12.25 by Year-end; Currency Sees 11% Depreciation Fitch Solutions is forecasting an end-year cedi…
Banking and FinancefinanceHow To SpendStock Market

Cedi Reduces Year-to-Date Loss to Dollar by 7.50% on Retail Market; GH¢13.60 Now Equals One Dollar

1 Mins read
Cedi Reduces Year-to-Date Loss to Dollar by 7.50% on Retail Market; GH¢13.60 Now Equals One Dollar The Ghana cedi narrowed its year-to-date…
Banking and FinanceBitcoinBusinessCrypto CurrencyfinanceMatters Arising

Binance Founder Changpeng Zhao Offers Apology as Sentencing Approaches, Garnering 161 Letters of Support

2 Mins read
Binance Founder Changpeng Zhao Offers Apology as Sentencing Approaches, Garnering 161 Letters of Support Binance founder and former chief executive Changpeng “CZ”…

Leave a Reply

Your email address will not be published. Required fields are marked *