CBG Surpasses Milestone with GH¢1 Billion Revenue in Q3 2024

Consolidated Bank Ghana (CBG) has achieved a landmark feat in its third-quarter financial results for 2024, posting a record GH¢1 billion in total revenue. This accomplishment marks the bank’s highest earnings since its establishment and a significant milestone within Ghana’s banking industry.

The financial statement highlights a remarkable year-on-year increase in profitability, assets, and liquidity.

Profit before tax surged to GH¢169.9 million from just GH¢5.3 million in Q3 2023, a staggering growth of over 3,105%. This leap underscores the bank’s effective strategies and focus on diversifying lending activities. Net interest income stood at GH¢727.6 million, reflecting efficient expense management and a broadened revenue base. Daniel Wilson Addo, CBG’s Managing Director, emphasized the bank’s commitment to fostering economic growth, stating, “This result is more than a financial achievement; it represents our unwavering dedication to supporting Ghanaian businesses and communities.”

CBG’s total assets grew by 58% to reach GH¢16.3 billion, solidifying its position as a leader in asset growth within the banking sector. With a Capital Adequacy Ratio of 17.2% and a liquidity ratio of 66.7%, the bank demonstrated its robust financial stability and readiness to meet customer demands.

The Non-Performing Loan (NPL) ratio saw a significant improvement, dropping from 17.9% in 2023 to 11.6% in 2024, thanks to enhanced credit risk management practices. Additionally, customer deposits increased by 38.6%, reflecting growing trust in CBG’s reliability.

CBG’s strategic growth plan includes further innovations and tailored financing solutions, particularly for Small and Medium-sized Enterprises (SMEs), which are pivotal to Ghana’s economy. With a 14.5% increase in loans and advances, the bank continues to expand credit accessibility, reinforcing its commitment to delivering a simple, secure, and superior banking experience.