The total value of secured loans granted and registered by banks and Specialized Deposit-Taking Institutions in the second quarter of 2024 was estimated at Gh¢10.8 billion representing an 83% increase compared to the same period in 2023.
While banks accounted for Gh¢9.1 billion of total secured loans in the second quarter of this year, the contribution of Specialized Deposit-Taking Institutions stood at Gh¢1.7 billion.
This ¢10.8 billion in secured loans for the second quarter of the year compares to the Gh¢5.9 billion recorded last year.
Within the period under review, banks increased their share by 86% accounting for ¢9.1 billion; up from the Gh¢4.9 billion in 2023.
On the other hand, the SDIs recorded a total secured loan of Gh¢1.7 billion in Q2 2024, an increase of 75.1% from ¢971.1 million recorded for the same period in 2023.
The share of secured loans by savings and loans companies, however, dipped by a significant 10%.
That from Microfinance Institutions and Microcredit companies also declined marginally during the period.
According to the Collateral Registry Report banks accounted for ¢4.9 billion of total secured loans in the second quarter of 2023, representing a 14.8% increase recorded during the same period in 2022.
The banks’ share of secured loans was 83.7% of the total secured loans.
The total value of secured loans granted and registered by banks and Specialized Deposit-Taking Institutions in the second quarter of 2023 was estimated at ¢5.9 billion, a growth of 15.5% over the previous year.
The performance of the Collateral Registry broadly improved in the second quarter of 2024 compared with the same period in 2023.
This was evident in the appreciable increases in the volumes of collateral registration, discharges, and realisation of security interests.
This points to a pick-up in the patronage of the Registry’s services within the review period.
