Consolidated Bank Ghana Limited (CBG) has reached a significant milestone by posting GH¢1 billion in total revenue for the third quarter of 2024. This figure marks the highest revenue ever recorded by the Bank within a single year since its inception.
The Bank’s impressive performance also reflects substantial year-on-year growth in profitability, total assets, and liquidity, further cementing its status as a leading institution in Ghana’s financial sector. CBG reported a profit before tax of GH¢169.9 million for Q3, a dramatic rise from the GH¢5.3 million recorded during the same period in 2023. This represents an extraordinary growth rate of 3,105%.
The Bank’s net interest income also experienced a significant boost, reaching GH¢727.6 million. This growth is attributed to effective management of interest expenses and revenues generated from diversified lending operations.
CBG’s robust financial performance not only sets new standards in profitability but also underscores its commitment to supporting local businesses, particularly small and medium-sized enterprises (SMEs), by providing accessible financing options to drive economic progress.
“Our achievements are a testament to our mission of empowering Ghanaian businesses and communities,” stated Daniel Wilson Addo, Managing Director of CBG. “This success is not just about financial gains; it is a reflection of our role in fostering positive economic development.”
The Bank’s total assets climbed to GH¢16.3 billion by the end of Q3 2024, representing a remarkable 58% growth compared to the same period last year. This growth highlights CBG’s resilience and leadership in Ghana’s banking industry.
Key indicators further affirm the Bank’s strong performance: a Capital Adequacy Ratio (CAR) of 17.2% and a liquidity ratio of 66.7% showcase its solid financial health. Additionally, CBG achieved a significant reduction in its non-performing loan (NPL) ratio, dropping from 17.9% to 11.6%, thanks to improved credit risk management.
Customer deposits grew by 38.6%, reflecting increased trust in the Bank, while loans and advances expanded by 14.5%, demonstrating its commitment to extending credit access to individuals and businesses, especially SMEs, which are vital to Ghana’s economy.
Looking ahead, CBG aims to enhance its customer-focused approach through innovative and customized financial services. The Bank remains steadfast in delivering secure, seamless, and unique banking experiences while supporting Ghana’s economic advancement.
Source: MyABCLive.com, adapted from Myjoyonline.com
