International Journal of Business

Management & Research (IJBMR)

ISSN(P): 2249-6920; ISSN(E): 2249-8036
Vol. 4, Issue 5, Oct 2014, 61-72
TJPRC Pvt. Ltd.

AN EMPIRICAL STUDY ON PRODUCTS PORTFOLIO PERFORMANCE AMONG

COMMERCIAL BANKS IN GHANA: A RETURN ON INVESTMENT PERSPECTIVE
EMMANUEL OPOKU1, FRANK FRIMPONG OPUNI2 & LIPSEY APPIAH KWAPONG3
1,2
3

Lecturer, Department of Marketing, Accra Polytechnic, Accra, Ghana

Lecturer, Department of Management and Secretaryship, Accra Polytechnic, Accra, Ghana

ABSTRACT
Practically, commercial banks deal with a wide range of products that make up their product portfolio. Knowledge
about the performance of each product by management of commercial banks is relevant to effective portfolio management.
This study assesses the relative performance of products that make up the product portfolio of commercial banks in Ghana.
Secondary data on 20 commercial banks in Ghana which span a period of five years (2009-2013) were used. The Analysis
of Variance and ordinary least squares regression analysis were used to test hypotheses. Lending as a product contributes
the highest revenue to financial return among commercial banks, followed by investment. Deposits and consultancy come
with the lowest contributions to financial returns. Also, all products significantly predict financial performance in terms of
return on investment at 5% significance level, with lending contributing the highest variance of 87.6%, followed by
investment products (63.2%). Though lending and investment make the largest effects on financial performance, deposits
and consultancy also significantly influence financial performance in the commercial banks.

KEYWORDS: Commercial Banks, Product Portfolio, Product, Financial Performance, Return on Investment
INTRODUCTION
Generally, commercial banks would have to effectively hedge against the effects of market competition to grow,
especially in markets highly affected by the global economic recession. According to Kotler et al. (2006), one of the major
ways of achieving market leadership and superiority in the banking sector is to have a portfolio of products that uniquely
satisfies the banking needs of customers. Practically, access to this kind of portfolio of products is a prerequisite to
realising short and long-term financial performance targets. Before giving a detailed explanation on this assertion, it is
important to understand what a product portfolio is.
A product is defined as the item offered for sale and can be a service or an item (Ansari, 2012; Amue & Adiele,
2012). Ansari (2012) adds that a product can be physical or can be in virtual or cyber form. A product is also defined as
anything that can be offered to a market that might satisfy a want or need (Kotler et al, 2006). A product portfolio is
therefore the collection of different items that a company sells (Investopedia, 2014). A product portfolio is also the bulk of
all innovated items, ideas or valuables a firm sells for profit (Kotler et al, 2006).
A product portfolio has some special characteristics. Firstly, within the product portfolio each item would make
different contributions to the companys profitability (Kotler et al, 2006; Ansari, 2012). Also, some products in the
portfolio would cost more to produce, while some would be increasing the market share of the company at a faster rate
(Ansari, 2012). Some of the products also bring in more revenue, and some have greater marketing expenses

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Emmanuel Opoku, Frank Frimpong Opuni & Lipsey Appiah Kwapong

(Investopedia, 2014). In view of these characteristics, product portfolio management is used by firms to ensure that each
product contributes its expected quota to financial performance (George et al, 2001; Kotler et al, 2006).
According to Kotler et al. (2006), product portfolio management is basically aimed at ensuring that each product
maximally contributes to the financial performance of the firm. Though each product in the product portfolio makes a
different magnitude of financial impact on the growth of the firm (Ansar, 2012), portfolio management is needed to sustain
and

advance

the

collective

contribution

of

all

products

to

financial

performance

and

growth

(Kotler et al, 2006; Ansari, 2012). In essence, product portfolio management is fundamental to the productivity of
products. In this respect, Kohlborn et al. (2009) posit that the need for portfolio management becomes more critical as the
number of products in the portfolio increases.
Commercial banks are known to have a wide range of products. Some of these products include savings,
investment, lending and other financial consultancy services. De Haans (2010) and Nakayiza (2013) therefore argue that
commercial banks cannot achieve maximum financial performance without effective portfolio management in view of the
several products that make up their product portfolios. This argument implies that product portfolio management promotes
financial performance of commercial banks. Moreover, empirical studies conducted by African Development Bank Group
(2004), Lozano-Vivas & Morales, (2009) and Nakayiza (2013) confirm that product portfolio management positively
influences financial performance of commercial banks. Thus with improved product portfolio management, the financial
performance of banks is enhanced. In this regard, each product generates revenues that predict the financial returns of the
commercial banks (Lozano-Vivas & Morales, 2009; Nakayiza, 2013). Unfortunately, limited empirical studies support this
evidence.
A personal survey of related studies indicates that there is a huge gap in the current literature of the subject in
terms of the geographical and conceptual coverage of the empirical studies. The greater part of available studies has been
conducted in developed country context. A few studies conducted in developing country context have been conducted
outside Ghana. In Ghana, studies examining the performance of items of the product portfolio of commercial banks are
very few. Moreover, researchers in Ghana have not been able to assess the financial performance of commercial banks
from the point of view of the performance of individual items of their products portfolios. This situation constitutes a major
problem in the banking sector in Ghana because management of commercial banks would not be able to know the effect of
each product to financial performance. In the face of this problem, management of commercial banks would lack
information (e.g. products that need the priority of management in terms of budget allocation and marketing spend) and
strategies relevant to effective management of their product portfolio.
This study therefore examines the performance of each item in the product portfolio of commercial banks in
Ghana with respect to their contribution to financial performance. Invariably, this study assesses the effect of each product
in the product portfolio of commercial banks in Ghana on financial performance in terms of return on investment.

LITERATURE REVIEW
Commercial banks have a wide range of products that constitute their product portfolios. According to the African
Development Bank Group (2004), each commercial bank may have its unique collection of products, but there are products
that are common to all commercial banks. In other words, all commercial banks have, at least a common sub-portfolio of
products. A personal survey of related academic literatures reveals four common items of the product portfolio of

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An Empirical Study on Products Portfolio Performance among Commercial Banks in Ghana:

A Return on Investment Perspective

commercial banks. These include lending (African Development Bank Group, 2004; De Haans et al, 2010), deposits
(Lozano-Vivas & Morales, 2009; De Haans et al, 2010), investment (Lozano-Vivas & Morales, 2009; De Haans et al,
2010) and consultancy services (African Development Bank Group, 2004; De Haans et al, 2010). Additionally, these
products serve as portfolios called sub-portfolios (De Haans et al, 2010). For instance De Haans et al. (2010) indicate that
investment comes with a collection of investment products that may be treated a subsidiary portfolio in a commercial bank.
Rose (2003) defines investment as the acquisition of capital goods such as buildings and equipment, and the
purchase of inventories of raw materials and goods for sale. Investment is putting money into something with the
expectation of gain that upon thorough analysis has a high degree of security for the principal amount, as well as security
of return, within an expected period of time (Mortenson, 2010). As a banking product, investment is a collection of
innovated investment options and/or services available to customers and the general public, with each option providing a
unique level of risk and profitability (African Development Bank Group, 2004). Investment is a subsidiary portfolio that
may come with many items. The commonest of these items would include bonds, shares, treasury bills, fixed deposits and
many other investment options (African Development Bank Group, 2004; Lozano-Vivas & Morales, 2009; De Haans et al,
2010).
A bank deposit is defined as an amount of money in the form of check or cash sent via a wire transfer that is
placed into a bank account (Investopedia, 2014). The target bank account for the bank deposit can be any kind of account
that accepts deposits. In addition, a bank deposit is basically made when opening an account or in the course of routine
business or personal transactions that involve placing funds with the bank for future use. Bank deposits can be made in a
number of different ways. The most direct way is to walk into a bank or a bank branch in which one holds an account
(Investopedia, 2014, African Development Bank Group, 2004). One is then usually required to fill in a bank deposit slip
with the particulars of his account and the amount of money he wishes to deposit. According to the African Development
Bank Group (2004), a bank deposits can be made via wire transfer, as well as through a direct deposit plan from
employers. Additionally, bank deposits could be forms of savings; depending on how frequent they are made and
withdrawn (Investopedia, 2014).
Lending is a generic name for issuing loans of all kinds to customers and individuals by commercial banks.
Investopedia (2014) defines a loan as a debt provided by a firm or entity to another entity at an interest rate and evidenced
by a note which specifies, among other things, the principal amount, interest rate, and date of repayment. There are various
forms of loans such as personal loans, business loans, overdraft and the like (African Development Bank Group, 2004;
De Haans et al, 2010). In essence, lending is the act of offering any form of loan. Like other banking products discussed,
there are various forms of lending, where relationship lending and asset-based lending are the commonest among
commercial banks (African Development Bank Group, 2004; Lozano-Vivas & Morales, 2009; De Haans et al, 2010).
Aside lending, deposits and investment, commercial banks deal in a number of consultancy services. According to
the African Development Bank Group (2004), there are no common consultancy services among all commercial banks.
This is because each commercial banks consultancy service depends on its partnership, market and operational policy
(African Development Bank Group, 2004; De Haans et al, 2010). Yet, most of the consultancy services of commercial
banks relate to financial services of other commercial banks, insurance companies, telecommunication firms and non-bank
financial institutions (African Development Bank Group, 2004; Lozano-Vivas & Morales, 2009). For instance,
a commercial bank may be consulted by an insurance firm to sell insurance products to its customers. Telecommunication
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Emmanuel Opoku, Frank Frimpong Opuni & Lipsey Appiah Kwapong

firms may also partner commercial banks in marketing and selling their mobile-finance products.
Having discussed the basic products sold by commercial banks, it is made evident that each of these products
constitutes a subsidiary portfolio. Therefore, commercial banks have a wide collection of products to sell to customers and
the general public. According to Nakayiza (2013), the complexity of the product portfolio of commercial banks requires
that their managements use suitable methods of portfolio management to ensure maximum productivity of each product.
One important aspect of managing a product portfolio is monitoring the contribution of each item in it to the firms revenue
and financial returns (Varadarajan, 1990; Ruegg, 2006; Padovani et al, 2008; Nails, 2010; Skaf, 2013). This implies that
portfolio management couples frequent examination of the performance of each product with respect to financial returns.
Empirical studies have shown that the financial performances of products in the product portfolio of commercial
banks are of different magnitudes. Lending or loans have been found to yield the highest level of revenue to commercial
banks (Lozano-Vivas & Morales, 2009; Nakayiza, 2013). The African Development Bank (2004) also supports this
finding. Deposits are found to come with the least yields in terms of financial performance (Lozano-Vivas & Morales,
2009; Nakayiza, 2013). These researchers also found that investment and consultancy are other good sources of revenue to
commercial banks; but their performance falls behind lending. Practically, lending comes with a higher performance
potential

in

view

of

the

high

interest

it

attracts.

However,

it

comes

with

the

highest

risks

(African Development Bank Group, 2004). Therefore, it only serves as the main source of financial growth to commercial
banks when these risks are thoroughly hedged against. Conversely, deposits come with little risks, but come with a
relatively smaller contribution to financial return (African Development Bank Group, 2004). It is however argued by
Nakayiza (2013) that the performance of every product of commercial banks is relevant to maximum financial
performance.
A survey of related studies reveals that researchers have given little attention to the relative performance of items
in the product portfolio of commercial banks. Though studies have been conducted on the subject by African Development
Bank Group (2004), Lozano-Vivas & Morales, (2009) and Nakayiza (2013), the general level of contribution to academic
debate on the subject by researchers is limited. In a Ghanaian context, the situation is evidently worse. This gap constitutes
a major problem in the banking sector in Ghana because management of commercial banks would not be able to know the
effect of each product to financial performance. This situation could be hindering the development of suitable market
strategy and market performance among commercial banks in Ghana.
In view of this gap in the academic literature of the subject, this study examines the performance of the basic
products of the product portfolio of commercial banks in Ghana. This is done by evaluating the relative effect of each
product on the return of investment of commercial banks. The study provides empirical evidences that help commercial
banks to prioritize investment in their products. The study also provides information needed for improving marketing
strategy and market performance among commercial banks with respect to each product. The study is based on the
following alternative hypotheses:
H1: Some products in the product portfolio of commercial banks in Ghana contribute better to financial
performance than others.
H2: All products in the product portfolio of commercial banks in Ghana positively affect financial performance in
terms of return on investment.

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An Empirical Study on Products Portfolio Performance among Commercial Banks in Ghana:

A Return on Investment Perspective

65

OBJECTIVE OF THE STUDY

This study assesses the effect of items of the product portfolio of commercial banks in Ghana on financial
performance in terms of return on investment.
The study provides empirical evidence on the financial performance of the product portfolio of commercial banks
in Ghana. It provides information on the extent to which each product predicts the financial performance of commercial
banks. The study also contributes to academic debate on the subject from a Ghanaian perspective.

METHODOLOGY
In this study, a quantitative research technique was employed. This research approach was used with respect to the
application of inferential statistical tools to test the hypotheses of this study. The population of this study was commercial
banks in Ghana. Twenty (20) commercial banks out of 30 publicly recognised commercial banks were the sources of data
in this study. The study was limited to the 20 commercial banks because needed data was not accessible on the rest of the
commercial banks. Thus data was not available on the remaining 10 commercial banks. Secondary data that constitutes the
return on investment of the commercial banks, as well as revenues made from each of their major products, namely
deposits, lending, consultancy and investment were employed. A greater part of the data used was obtained from the annual
reports of the participating commercial banks. Some part of data was directly obtained from the Finance departments of the
commercial banks. Moreover, data used span a period of 5 years (2009-2013).
Data were analysed using the Statistical Package for the Social Sciences (SPSS). Since data used in this study
were continuous, they were analysed based on the assumption that they were normally distributed. The Shapiro-Wilks test
was therefore used to verify the normality of data. The first hypothesis was tested using the Analysis of Variance
(ANOVA), whereas the second hypothesis was tested using the ordinary least squares regression analysis. ANOVA was
used to identify a difference in the performances of all products with respect to financial performance of the commercial
banks. The ordinary least squares regression analysis was used to examine the predictive effect of each product on the
financial performance of commercial banks. These statistical tools were used as a result of evidences about the normality
of data used. The next section comes with results of this study.

RESULTS
This section comes with the results of this study. Findings are presented in this section based on the assumption
that data employed are normally or approximately normally distributed. This assumption is made in view of the fact that
data used in this study is continuous. Moreover, satisfying this assumption is a basis for making valid conclusions in this
study. Table 1 shows a test of normality of data.
Table 1: Test of Normality of Data
Shapiro-Wilk
Statistic
.167

DF
28

Sig.
.564

Deposits

.202

28

.421

Lending

.298

28

.394

Consultancy

.388

28

.233

Investment products

.358

28

.245

ROI

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Emmanuel Opoku, Frank Frimpong Opuni & Lipsey Appiah Kwapong

Table 1 shows results of the Shapiro-Wilks test of normality. The general hypothesis is that data associated with
variables in Table 1 are normally or approximately normally distributed. At 5% significance level, data associated with all
the variables are normally distributed. This means that the normality assumption is satisfied, providing a basis for making
valid conclusions in this study. With the normality of data assumption verified, the first hypothesis would now be tested.
The first hypothesis states that items in the product portfolio of commercial banks contribute the same magnitude
of revenues to financial performance. Tables 2 to 5 contain results of testing this hypothesis.
Table 2: Descriptive Statistics

Deposits

Mean
(00000)
3.6429

1.47106

28

Lending

15.8214

.77237

28

Consultancy

3.2500

.75154

28

Investment products

5.3929

1.06595

28

Std. Deviation

Table 2 shows descriptive statistics on the various items of banks product portfolio. It can be seen that lending
contributes the highest revenue to financial return (M = 15.82, SD = .77), followed by investment products (M = 5.39,
SD = 1.07). Deposits (M = 3.64, SD = 1.47) and consultancy (M = 3.25, SD = .75) comes with the lowest contributions to
financial returns. Table 4 is an ANOVA test that verifies the difference among the means of these portfolio items.
Meanwhile, the homogeneity of variances assumption must be verified before the ANOVA is considered.
Table 3: Test of Homogeneity of Variances
Levene Statistic Df1 df2
6.927
3 108

Sig.
.000

Table 3 is a test of homogeneity of variances. The general hypothesis is that variances of the group variables are
the same. At 5% significance level, this hypothesis is not supported (p = .000). This means that variances of the group
variables are not the same. As a result, the homogeneity of variances assumption is not satisfied. In view of this result, the
Tamhane Multiple Comparison test would be used instead of the Bonferonni test when a significant difference is found.
Table 4: ANOVA

Between Groups
Within Groups
Total

Sum of Squares
2960.455

df
3

120.464

108

3080.920

111

Mean Square
F
986.818
884.714

Sig.
.000

1.115

Table 4 shows results of an ANOVA test. The null hypothesis states that items in the product portfolio of
commercial banks contribute the same magnitude of revenues to financial performance. At 5% significance level, this
hypothesis is confirmed, F (3, 108) = 884.82, p = .000. Thus items in the product portfolio of commercial banks contribute
the same magnitude of revenues to financial performance. This means that some items of the product portfolio of
commercial banks contribute higher to financial returns. Table 5 is a Tamhane Multiple Comparison test that reveals the
extent of the difference seen in Table 4.

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An Empirical Study on Products Portfolio Performance among Commercial Banks in Ghana:

A Return on Investment Perspective

Table 5: Tamhane Multiple Comparisons

Std.
Error

Sig.

.31399
.31218

12.17857

Consultancy

12.57143

Investment products

10.42857*
-.39286

(I) Level

(J) Level
Lending

Deposits

Consultancy
Investment products
Deposits

Lending

Deposits
Consultancy Lending

Investment
products

Mean Difference
(I-J)
-12.17857

.39286
-1.75000

.000

Lower Bound
-13.0467

Upper Bound
-11.3105

.767

-.4709

1.2566

.34332

.000

-2.6910

-.8090

.31399

.000

11.3105

13.0467

.20366

.000

12.0152

13.1276

.24877

.000

9.7467

11.1104

.31218

.767

-1.2566

.4709

.20366

.000

-13.1276

-12.0152

Investment products

-2.14286

.24648

.000

-2.8189

-1.4668

Deposits

1.75000*

.34332

.000

.8090

2.6910

.24877

.000

-11.1104

-9.7467

.24648

.000

1.4668

2.8189

Lending

-12.57143

95% Confidence Interval

-10.42857

Consultancy
2.14286
*. The mean difference is significant at the 0.05 level

Table 5 shows results of the Tamhane Multiple Comparison test associated with the ANOVA test of Table 4.
From the table, lending makes the highest contribution as it is larger in terms of average than deposits (p = .000),
consultancy (p = .000) and investment products (p = .000). From the table, investment products are the second highest
contributors to financial returns (p = .000). Yet, there is no significant difference between deposits and consultancy
(p = .767), which both serve as the least drivers of financial performance. As a result, commercial banks make a greater
part of their financial return from lending, followed by investment products. Deposits and consultancy lag in this respect.
To better understand results in Table 5, Table 6 shows how each of the items of banks product portfolio relates
with return on investment.
Table 6: Correlations
ROI Deposits Lending Consultancy Investment Products
Pearson Correlation
1
.611**
.984**
.455**
.706**
ROI Sig. (2-tailed)

.001

.000

N
28
28
28
**. Correlation is significant at the 0.05 level (2-tailed)

.015

.000

28

28

Table 6 shows the relationship between return on investment (ROI) of banks and items in their product portfolios.
At 5% significance level, there is a significant positive relationship between ROI and deposits, r (28) = .611, p = .001;
lending, r (28) = .984, p = .000; consultancy, r (28) = .455, p = .015; and investment products, r (28) = .706, p = .000.
Evidently, lending makes the strongest positive relationship with ROI, followed by investment products. These correlations
reflect and support results in Tables 4 and 5. Table 7 shows estimates of an ordinary least squares regression.
These estimates reveal the predictive effect of each product on return on investment.

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Emmanuel Opoku, Frank Frimpong Opuni & Lipsey Appiah Kwapong

Table 7: Regression Estimates (Enter Method)

Dependent Variable

Predictors

Deposits
Lending
Return of Investment
Consultancy
Investment products
Note: All basic assumptions are satisfied

R
Square
.563
.876
.376
.632

ANOVA
F
Sig.
322
.000
543.2 .000
190.4 .000
421.3 .000

Coefficients
B
T
Sig.
-.008 14.43 .000
.051
25.11 .000
.011
10.32 .000
.007
18.43 .000

Table 7 shows regression estimates on the prediction of return on investment by each item of commercial banks
product portfolio. From the table, all products significantly predict financial performance in terms of ROI at 5%
significance level, with lending contributing the highest variance of 87.6%, followed by investment products (63.2%).
In essence, the product with the highest financial performance is lending, followed by investment, while deposits offer the
least contribution to financial performance. This result buttresses findings in Tables 4 and 5. In the next section, findings of
this study are discussed.

DISCUSSIONS
Results of this study indicate that products of commercial banks in Ghana make varying magnitudes of
contribution to financial performance in terms of return on investment. This is to say the performance of each item in the
product portfolio of commercial banks in Ghana is not the same. Lending is found to contribute the highest revenue to
financial return, followed by investment. This finding is supported by related empirical studies (e.g. African Development
Bank 2004; Lozano-Vivas & Morales, 2009; Nakayiza, 2013), both in developed and developing country contexts.
According to the African Development Bank Group (2004), this empirical evidence remains the same even when bank size
is controlled for. Thus lending and investment remain the largest source of revenue to commercial banks regardless of the
size of commercial banks involved. With the support of available empirical literature (e.g. African Development Bank
2004; Lozano-Vivas & Morales, 2009), deposits are found to come with the least yields in terms of financial performance
among commercial banks in Ghana.
The study reveals a significant positive relationship between return on investment of commercial banks and
deposits, lending, consultancy, and investment. Lending makes the strongest positive relationship with return on
investment, followed by investment products. This evidenced is considered practically normal by the African Development
Bank Group (2004). This bank attributes this situation to the high interest charged on loans and credit facilities and the risk
management practices associated with lending. Similarly, Nakayiza (2013) posits that lending makes the highest
contribution to the revenue of commercial banks when effective risk management methods are employed. Investment
products are also offered in the light of effective risk management processes (African Development Bank Group, 2004).
As a result, they are competitive relative to lending products.
Moreover, the study shows that all products significantly predict financial performance in terms of return on
investment at 5% significance level. Though lending and investment make the largest effects on financial performance,
deposits and consultancy also significantly influence financial performance in the commercial banks. This result is
supported by an argument made by Nakayiza (2013). Based on empirical evidences, Nakayiza (2013) argues that every
product of a bank has an important role to play in achieving expected financial performance. The African Development
Bank Group (2004) also posits that financial performance cannot be maximised without customer deposits. This means that

Impact Factor (JCC): 4.9926

Index Copernicus Value (ICV): 3.0

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An Empirical Study on Products Portfolio Performance among Commercial Banks in Ghana:

A Return on Investment Perspective

deposits and probably consultancy services are as important as lending products and investment products.

CONCLUSIONS AND RECOMMENDATIONS

Products of commercial banks in Ghana make varying magnitudes of contribution to financial performance.
Thus the performance of each item in the product portfolio of commercial banks in Ghana is not the same. At 5%
significance level, the first alternative hypothesis is retained, F (3, 108) = 884.82, p = .000. This implies that items in the
product portfolio of commercial banks do not contribute the same magnitude of effects to financial returns. Lending
contributes the highest revenue to financial return, followed by investment. Deposits and consultancy come with the lowest
contributions to financial returns.
The magnitude of revenue made on each product is positively related to the financial performance of the
commercial banks. Thus at 5% significance level, there is a significant positive relationship between ROI and deposits,
r (28) = .611, p = .001; lending, r (28) = .984, p = .000; consultancy, r (28) = .455, p = .015; and investment, r (28) = .706,
p = .000. Lending makes the strongest positive relationship with ROI, followed by investment products. This result squares
with the finding that lending contributes to highest revenue to financial returns. Based on results of the ordinary least
squares regression analysis, all products significantly predict financial performance in terms of ROI at 5% significance
level, with lending contributing the highest variance of 87.6%, followed by investment products (63.2%). Though lending
and investment make the largest effects on financial performance, deposits and consultancy also significantly influence
financial performance in the commercial banks.
In a nutshell, the product with the highest financial performance is lending, followed by investment. Deposits and
consultancy services offer the least contribution to financial performance but are still significant predictors of financial
performance of commercial banks in terms of return on investment.
It is therefore worth concluding that commercial banks in Ghana are nurturing productive products that make up
their product portfolios. Since all products are contributing to financial performance, this suggests that the commercial
banks are making use of effective portfolio management methods. They would however need to improve on the
implementation of their portfolio management methods, especially with respect to the target established for each product
vis--vis profitability.
It is therefore suggested that future researchers examine the performance of each product relative to its potential
and the quota bank managements expects it to contribute to return on investment. Studies ought to be conducted to reveal
the performance of each sub-portfolio (i.e. the various types of lending, deposit, consultancy and investment products) of
the product portfolio of commercial banks.

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Emmanuel Opoku, Frank Frimpong Opuni & Lipsey Appiah Kwapong

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Baker, M. (2013). Portfolio Performance Management in New Product Development: Examining the Influence of
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Cardozo, R. N, Smith, D. K. (1983). Applying Financial Portfolio Theory to Product Portfolio Decisions:
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Collier, B, Katchova, A. L, Skees, J. R. (2010). Loan Portfolio Performance and El Nio, an Intervention
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