Consolidated Bank Ghana Ltd (CBG) has achieved a major milestone, recording GH¢1 billion in total revenue for the third quarter of 2024. This marks the highest revenue in the bank’s history and a landmark achievement for Ghana’s banking sector.

The unaudited financial results show a remarkable surge in profitability, assets, and liquidity. Profit before tax soared to GH¢169.9 million, a staggering 3,105% increase compared to the GH¢5.3 million recorded in Q3 2023.

Net interest income reached GH¢727.6 million, driven by a disciplined approach to managing interest expenses and diversified lending activities. CBG’s financial strength has enabled it to provide critical support to local businesses, particularly small and medium enterprises (SMEs), thereby boosting economic growth.

“Empowering businesses and communities”

Daniel Wilson Addo, CBG’s Managing Director, said the results reflect the bank’s commitment to empowering Ghanaian businesses. “This achievement is more than a financial milestone; it highlights our dedication to driving positive economic impact across the country,” he said.

CBG’s balance sheet also highlights significant growth, with total assets rising to GH¢16.3 billion, a 58% jump from Q3 2023. The bank’s Capital Adequacy Ratio (CAR) stands at 17.2%, well above regulatory requirements, underscoring its financial stability and robust risk management framework.

This performance cements CBG’s position as a leading player in Ghana’s banking sector, amid a dynamic financial landscape.

Source:TheDotNews