Accra, Nov 22, GNA – The Consolidated Bank Ghana Ltd. (CBG), has recorded GHS1 billion in total revenue in its unaudited financial results for the third quarter of 2024.
The revenue is the highest for any single year since the inception of the bank in 2018, with a year-on-year increase in profitability, total assets, and liquidity, the bank said in a statement copied to the Ghana News Agency.
The bank also reported a profit before tax of GHS169.9 million, up from GHS5.3m recorded in the third quarter of 2023, representing an increase of more than 3,105 per cent.
The statement noted that CBG’s net interest income of GHS727.6m, driven by well-managed interest expense and revenue from diversified lending activities, surpassed industry benchmarks in profitability growth.
“This financial strength directly supports local businesses, particularly Small and Medium-sized Enterprises (SMEs), by providing accessible financing solutions that fuel economic growth,” the statement said.
The Bank, in the third quarter of 2024 also its with total assets reaching GHS16.3 billion, a 58 per cent increase from the same period in 2023, with a Capital Adequacy Ratio (CAR) stands at 17.2 per cent, and a liquidity ratio at 66.7 per cent.
The bank’s non-performing loan (NPL) ratio decreased from 17.9 per cent last year to 11.6 per cent in 2024, with a 14.5 per cent increase in loans and advances was recorded, and a 38.6 per cent increase customer deposits.
The statement explained that these outcomes showed CBG’s liquid position and preparedness to meet customer demands, a healthier loan portfolio that benefits customers, and the trust of customers in the bank.
Mr Daniel Wilson Addo, Managing Director, CBG, said, “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.”
On the back of the quarter three performance, Mr Addo said CBG’s strategic growth plan would remain focused on innovation and enhanced customer experience.
He said the Bank would continue to seek opportunities to provide seamless services, and more financing options tailored to SMEs and individuals, reinforcing its mission of providing a simple, secure, and differentiated banking experience to customers.
Mr Addo pledged the bank’s dedication to expanding credit access for individuals and businesses across the country, particularly for SMEs, which he said remained the vital drivers of the local economy.
GNA