Consolidated Bank Ghana Limited (CBG) has achieved a groundbreaking milestone in its unaudited financial results for the third quarter of 2024, posting a record-breaking GH¢1 billion in total revenue. This marks the highest annual revenue in the bank’s history and a first for Ghana’s banking sector.
The report highlights exceptional year-on-year growth across key financial indicators, including profitability, total assets, and liquidity, cementing CBG’s position as a leading player in Ghana’s dynamic banking landscape.
CBG reported a profit before tax of GH¢169.9 million, an extraordinary leap from the GH¢5.3 million recorded in Q3 2023. This represents a staggering 3,105% increase, driven by strong operational efficiency and prudent financial management.
Net interest income soared to GH¢727.6 million, supported by optimised interest expenses and diversified lending activities. This robust financial performance enables the bank to continue providing accessible financing solutions, particularly for Small and Medium-sized Enterprises (SMEs), thereby bolstering Ghana’s economic growth.
CBG’s Managing Director, Daniel Wilson Addo, remarked, “Our success reflects our dedication to empowering Ghanaian businesses and communities. This result is more than just a financial gain; it demonstrates our commitment to being a driving force for positive economic impact.”
The bank’s total assets reached GH¢16.3 billion, a 58% year-on-year increase from Q3 2023. This exceptional growth further solidifies CBG’s financial stability and leadership in the sector.
With a Capital Adequacy Ratio (CAR) of 17.2%, well above the regulatory requirement, and a liquidity ratio of 66.7%, CBG remains well-prepared to meet customer demands while maintaining a robust risk management framework.
CBG’s non-performing loan (NPL) ratio improved significantly, reducing from 17.9% in 2023 to 11.6% in 2024. This improvement reflects the bank’s enhanced credit risk management practices, fostering a healthier loan portfolio that benefits customers by improving access to affordable loans and promoting responsible lending.
Customer deposits grew by 38.6%, signalling increased trust and confidence in CBG’s services. Loans and advances also rose by 14.5%, further demonstrating the bank’s commitment to supporting individuals and businesses, particularly SMEs, which are key drivers of Ghana’s economy.
Looking ahead, CBG plans to focus on innovation and enhancing customer experience. The bank aims to provide more tailored financing options and seamless services for individuals and SMEs, reinforcing its mission to deliver a simple, secure, and differentiated banking experience.
CBG’s Q3 2024 performance underscores its growing influence in Ghana’s banking sector, setting new benchmarks for operational excellence and financial resilience.
Source: Citinewsroom
Copyright © 1994 - 2024 GhanaWeb. All rights reserved.
