In The Third Quarter, CBG Generated GH₵1 Billion In Revenue

In its unaudited financial results for the third quarter of 2024, Consolidated Bank Ghana LTD (CBG) recorded a historic GHS 1 billion in total revenue, the highest since its founding and the first for any one year. This marks a significant milestone for the bank.

In addition, CBG’s report shows a noteworthy rise in profitability, total assets, and liquidity from year to year.

The Bank stands out in Ghana’s banking industry, thanks to its performance, which has validated a robust growth trajectory.

It reported a significant profit before tax of GH₵ 169.9 million, up more than 3,105% from the GHS 5.3 million reported in Q3 2023.

Driven by revenue from diversified lending activities and well-managed interest expense, CBG’s net interest income of GH₵ 727.6 million exceeds industry benchmarks in terms of profitability growth.

Local companies, especially SMEs, benefit directly from this financial strength since it offers easily accessible financing options that stimulate economic growth.

According to Daniel Wilson Addo, the Managing Director of CBG, the bank’s success reflects their 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.”, Wilson Addo said.

Financial stability is demonstrated by CBG’s balance sheet, which shows total assets of GHS16.3 billion, a 58% increase from Q3 2023. This puts CBG at the forefront of asset growth in Ghana’s banking industry.

Additionally, the Bank has a strong financial foundation and effective risk management, as evidenced by its Capital Adequacy Ratio (CAR), which is 17.2%, well above regulatory requirements.

The Bank is still liquid and ready to satisfy client demands, as evidenced by its 66.7% liquidity ratio.

By exceeding industry norms with these metrics, CBG solidifies its standing as a trustworthy partner in Ghana’s banking sector.

In 2024, CBG’s non-performing loan (NPL) ratio dropped from 17.9% the previous year to 11.6%.

This decrease is a result of the Bank’s strong credit risk management procedures, which have improved the loan portfolio and made it easier for consumers to obtain reasonably priced loans while encouraging responsible lending.

Additionally, customer deposits rose by 38.6%. This expansion indicates that consumers trust CBG as a reliable financial institution.

The Bank of Ghana Has Formally Unveiled “The Bank Square,” Its New Headquarters

The financials also show a 14.5% increase in loans and advances, highlighting CBG’s commitment to making credit more widely available to people and businesses in Ghana, especially SMEs, which are important engines of the local economy.

CBG’s strategic growth plan continues to prioritize innovation and improved customer experience in the upcoming months and years.

It will keep looking for ways to offer smooth services and additional financing options that are suited to SMEs and individual customers.

These initiatives support CBG’s goal of giving clients a simple, safe, and unique banking experience.