Societe Generale Ghana has posted a net profit of GH₵551 million for the year ended December 31, 2024, representing a 30% increase from 2023.
However, the bank’s Return on Equity declined to 23% from 28% the previous year, primarily due to a rise in shareholders’ equity following a successful fixed asset revaluation.
This was contained in the bank’s financial statement for 2024 published at its 45th Annual General Meeting on Wednesday June 11, 2025.
The virtual meeting hosted at the Bank’s Head Office was streamed live to the various stakeholders.
In her assessment of the year under review, Board Chair, Margaret Boateng Sekyere, observed that Global economic growth in 2024 maintained its drive, with the January 2025 World Economic Outlook (WED) report revising growth upwards from 3.2% to 3.3%.
She mentioned that global financial conditions eased slightly in late 2024 but remained tight overall.
Policy rates stayed high due to slower than expected disinflation in some areas, rising long term bond yields in advanced economies, and uncertainty about U.S. trade and immigration policies.
The effects of these tight policies and uncertainties are a negative impact on equity prices and investor sentiments on Emerging Markets and Developing Economies.
Referencing data from the Bank of Ghana, Madam Sekyere noted that the Ghanaian banking sector remained profitable, well-capitalized, and liquid in 2024, with assets growing by 33.8%.
She however revealed that although profits increased compared to 2023, the growth rate slowed, moderating profitability indicators.
“The share price of the Bank in the year under review declined marginally by 4% as price decreased from GH₵1.57 at the beginning of the year to GH₵1.5 at the end”, she concluded.
Banking Sector Shows Resilience
Managing Director of the bank, Mr. Hakim Ouzzani, in his report, observed that the banking sector showed resilience in 2024, continuing its recovery post-DDEP.
Highlighting some impactful and life changing Corporate Social Responsibility (CSR) projects undertaken by the bank within the year, he pointed out the Numesus Borehole in Kumasi, Kodie Borehole, tree planting exercise and many others.
The AGM saw the adoption of the Financial Statements of the company and reports of the directors and the auditors of the company for the year ended 31st December 2024.
The meeting also executed the business of re-electing an Executive Director and Non-Executive Directors, electing a Non-Executive Director, approved Directors fees and granted authorization to the Directors to determine the remuneration of the Auditors.
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