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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.

It is the highest ever since the bank’s 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 financial results re­vealed that 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 per cent 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.

Mr Daniel Wilson Addo, Managing Director of CBG, com­menting on the achievement 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.”

He said CBG’s balance sheet underscored financial stabil­ity, with total assets reaching GH¢16.3 billion, marking a 58 per cent increase from Q3 2023.

This, he said, 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 per cent, well above regulato­ry requirements reflecting a sturdy financial foundation and risk management.

With the liquidity ratio at 66.7 per cent, 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 per cent last year to 11.6 per cent 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 per cent. This growth signals customers’ confidence in CBG as a financial institution of trust.

The financials also revealed a 14.5 per cent 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,” Mr Addo indicat­ed.

BY TIMES REPORTER

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