Consolidated Bank Ghana Limited (CBG) has achieved a groundbreaking milestone in its unaudited financial results for the third quarter of 2024, surpassing GH¢1 billion in total revenue. This marks the highest annual revenue in the Bank’s history and a significant achievement within Ghana’s banking industry.
The Bank’s report highlights remarkable growth across several key metrics, including profitability, total assets, and liquidity, reflecting CBG’s resilience and robust performance in a dynamic economic environment.
CBG recorded a profit before tax of GH¢169.9 million, a dramatic increase from GH¢5.3 million in Q3 2023, representing growth of more than 3,105%. This exceptional result was driven by net interest income of GH¢727.6 million, which stemmed from effective management of interest expenses and revenues from a diversified lending portfolio. The Bank’s financial strength has translated into greater support for local businesses, especially SMEs, by providing accessible financing solutions that contribute to economic development.
Daniel Wilson Addo, Managing Director of CBG, stated, “These results reflect more than just financial gains; they underscore our commitment to empowering Ghanaian businesses and communities. CBG remains dedicated to driving positive economic impact and supporting the nation’s growth.”
CBG’s balance sheet demonstrates its strong financial position, with total assets reaching GH¢16.3 billion, a 58% increase compared to Q3 2023. The Bank’s Capital Adequacy Ratio (CAR) stands at 17.2%, significantly exceeding regulatory requirements, and its liquidity ratio is at an impressive 66.7%. These figures underscore CBG’s stability, liquidity, and readiness to meet customer needs, cementing its position as a reliable partner in Ghana’s financial sector.
The Bank also achieved a substantial improvement in its non-performing loan (NPL) ratio, which dropped from 17.9% in 2023 to 11.6% in 2024. This reflects effective credit risk management, resulting in a healthier loan portfolio. Enhanced access to affordable loans and responsible lending practices continue to benefit CBG’s customers.
Customer deposits grew by 38.6%, signaling increased trust and confidence in the Bank’s services. Additionally, loans and advances rose by 14.5%, underscoring CBG’s commitment to expanding credit access for individuals and businesses, particularly SMEs, which play a pivotal role in Ghana’s economic development.
Looking ahead, CBG aims to drive innovation and enhance customer experiences through more tailored financial solutions for individuals and SMEs. This strategy aligns with the Bank’s mission to deliver a secure, simple, and unique banking experience while reinforcing its leadership within Ghana’s financial landscape.
Source: TheDotNews