Consolidated Bank Ghana (CBG) has reached a significant milestone with its unaudited financial results for the third quarter of 2024, recording a historic GH¢1 billion in total revenue.
This marks the highest revenue ever achieved by the bank and a first in any single year.
CBG’s performance also shows a remarkable year-on-year growth in profitability, total assets, and liquidity. The bank reported a profit before tax of GH¢169.9 million, a substantial increase from GH¢5.3 million in Q3 2023, reflecting an over 3,100% growth.
With a net interest income of GH¢727.6 million, CBG has surpassed industry benchmarks in profitability, contributing significantly to local businesses, especially SMEs, through accessible financing.
Daniel Wilson Addo, Managing Director of CBG, emphasized the bank’s dedication to empowering Ghanaian businesses and communities, underscoring that the financial results demonstrate their commitment to driving positive economic impact.
CBG’s balance sheet reflects financial stability, with total assets reaching GH¢16.3 billion, a 58% increase from the previous year. The bank’s Capital Adequacy Ratio (CAR) stands at 17.2%, above regulatory requirements, indicating a solid financial foundation.
The bank’s non-performing loan (NPL) ratio also improved, dropping from 17.9% in 2023 to 11.6% in 2024, thanks to robust credit risk management. Additionally, customer deposits grew by 38.6%, signaling increased trust in CBG.
Looking forward, CBG plans to continue its strategic growth, focusing on innovation and improved customer experience, with a particular emphasis on expanding credit access for SMEs and individuals across Ghana.
