Barclays Bank Ghana Limited released its 2017 annual financial results with a pre-tax profit increase of 30% to post an all-time industry high of GH¢550 million.

Total bank revenues also increased by 24% year-on-year, giving a 42% return on average equity.

The results show a strong performance on all the bank’s income lines, as it delivered impressive growth in both net-interest and fee-based income.

Operating costs increased by 12.7% year-on-year, trending below average inflation levels and reflecting a commitment to pursue efficient banking operations that deliver value our customers.

As a result, cost to income ratio improved from 39.7% in 2016 to 36%, one of the lowest in the industry.

In terms of balance sheet performance, the bank’s gross customer loan book grew by 18% to GH¢2.27 billion, while deposits increased by 11% to GH¢3.2 billion.

Total assets stood at GH¢5.95 billion at end of year 2017, representing a growth of 13% over prior year.

In addition, total equity soared by 33% to GH¢1.05 billion.

The bank demonstrated a strong liquidity position and also a high capital adequacy ratio of 20.45%, well above the regulatory threshold of 10%.

“We made impressive progress because we remained focused on our vision to be the leading bank in Ghana,” said Patience Akyianu, Managing Director of Barclays Bank Ghana.

“Our performance reflects our financial strength and commitment to stay close to our customers, understand their needs and tailor services to help them achieve their financial objectives.”

Antoinette Kwofie, Finance Director of Barclays Bank Ghana, noted that in the midst of a challenging economic environment for the banking sector, the bank recorded phenomenal performance in aggregate indices across all segments, delivering profitability and high returns to shareholders.

“Additionally, we have maintained a strong balance sheet whilst driving operational efficiencies and a strong risk management culture. We remain well capitalised and ready to meet the revised regulatory capital requirements without an external injection. We are building a bank that Ghana and Africa will always be proud of,” she said.

Barclays contributed a whopping GH¢164 million to government revenue through corporate taxes, in addition to other direct and indirect taxes, including PAYE taxes paid by the over 2000 people that the bank provides jobs directly and indirectly to.