CBG records GH¢1bn revenue in Q3
Consolidated Bank Ghana LTD. (CBG) has achieved a significant milestone in its unaudited financial results for the third quarter of 2024, recording a historic GH¢1 billion in total revenue — the highest ever since its inception and a first for any single year.
Alongside this breakthrough, CBG’s report highlights a remarkable year-on-year increase in profitability, total assets, and liquidity.
Amid a dynamic financial landscape, CBG’s performance has confirmed a strong growth trajectory that sets it apart within Ghana’s banking sector.
The Bank reported a substantial profit before tax of GH¢169.9 million, from GH¢5.3 million recorded in Q3 2023 — an increase in excess of 3,105%.
With a net interest income of GH¢727.6 million, driven by well-managed interest expense and revenue from diversified lending activities, CBG surpasses industry benchmarks in profitability growth. This financial strength directly supports local businesses, particularly SMEs, by providing accessible financing solutions that fuel economic growth.
Daniel Wilson Addo, Managing Director of CBG, iterated, “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.”
CBG’s balance sheet underscores financial stability, with total assets reaching GH¢16.3 billion, marking a 58% increase from Q3 2023. This positions CBG at the forefront of Ghana’s banking sector in asset growth.
Additionally, the Bank’s Capital Adequacy Ratio (CAR) stands at 17.2%, well above regulatory requirements reflecting a sturdy financial foundation and risk management.
With the liquidity ratio at 66.7%, the Bank remains liquid and well-prepared to meet customer demands. With these metrics, CBG exceeds industry standards, reinforcing its reputation as a reliable partner in Ghana’s banking ecosystem.
CBG’s non-performing loan (NPL) ratio significantly improved, decreasing from 17.9% last year to 11.6% in 2024. This decline reflects the Bank’s robust credit risk management practices, resulting in a healthier loan portfolio that benefits customers by enhancing access to affordable loans while reinforcing responsible lending.
Customer deposits also increased by 38.6%. This growth signals customers’ confidence in CBG as a financial institution of trust.
The financials also reveal a 14.5% increase in loans and advances, accentuating CBG’s dedication to expanding accessible credit for individuals and businesses across Ghana, particularly Small and Medium-sized Enterprises (SMEs), which are vital drivers of the local economy.
Looking ahead, CBG’s strategic growth plan remains focused on innovation and enhanced customer experience. It will continue to seek opportunities to provide seamless services, and more financing options tailored to SMEs and individual customers. These efforts reinforce CBG’s mission of providing a simple, secure, and differentiated banking experience to customers.
Source: citinewsroom.com