28.2 C
Accra
Wednesday, December 4, 2024
BusinessCBG achieves historic GHS1bn revenue in Q3 2024

Date:

CBG achieves historic GHS1bn revenue in Q3 2024

Consolidated Bank Ghana Ltd. (CBG) has reached a remarkable milestone in its unaudited financial results for the third quarter of 2024, achieving a record-breaking total revenue of GH¢1 billion — the highest in the bank’s history and an unprecedented feat for any single year.

The report also showcases impressive year-on-year growth in profitability, total assets, and liquidity, underscoring CBG’s robust performance in Ghana’s competitive banking sector.

Notably, the Bank recorded a profit before tax of GH¢169.9 million, a staggering increase from the GH¢5.3 million reported in Q3 2023, representing a growth rate exceeding 3,105%.

Net interest income reached GH¢727.6 million, driven by effective management of interest expenses and revenue from diverse lending activities, placing CBG ahead of industry averages in profitability growth.

This financial success enables the Bank to further support local businesses, particularly small and medium-sized enterprises (SMEs), through accessible financing solutions that contribute to Ghana’s economic development.

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.

Tourism packages

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.

[forminator_poll id="710479"]

Latest stories

Farmers in Northern Region gets boost with $3m funds from USAID

The United States, via the U.S. Agency for International...

Ghanaian investors to recover debt restructuring losses in 2026 – Amin Adam

The government has promised Ghanaians affected by investment losses...

Africa urged to adopt digital tax solutions

Tax experts are urging African nations to adopt digital...

MP becomes part-time ‘trotro mate’ few days to election

Politicians, often Members of Parliament (MP), mostly engage in...

Ghana could be sold under the next NDC govt – Mahama mistakenly says

National Democratic Congress (NDC) flagbearer, John Dramani Mahama, made...

Related stories

Farmers in Northern Region gets boost with $3m funds from USAID

The United States, via the U.S. Agency for International...

Ghanaian investors to recover debt restructuring losses in 2026 – Amin Adam

The government has promised Ghanaians affected by investment losses...

Africa urged to adopt digital tax solutions

Tax experts are urging African nations to adopt digital...

Court in London prepares to deliver verdict on GRA, Tullow Oil tax dispute

The International Arbitration Court in London is preparing to...

November inflation rises slightly to 23% driven by food price increases

Inflation for November has slightly increased to 23 percent,...

NPP accused of spending financial buffers meant to protect cedi

The New Patriotic Party (NPP) has been accused by...

LEAVE A REPLY

Please enter your comment!
Please enter your name here