Consolidated Bank Ghana LTD has reached a major milestone with its unaudited financial results for the third quarter of 2024, with a record-breaking GH¢1 billion in total revenue, the highest in its history.
Alongside this discovery, CBG’s report shows a significant increase in profitability, total assets, and liquidity year after year.
CBG’s strong growth trajectory sets it apart in Ghana’s financial sector.
The Bank’s profit before tax increased by over 3,105% from GH¢5.3 million in Q3 2023 to GH¢169.9 million.
CBG exceeded industry benchmarks for profitability growth with a net interest income of GH¢727.6 million, thanks to well-managed interest expenses and revenue from diverse lending activities. The financial strength supports local businesses, especially small and medium-sized enterprises, by offering accessible financing options that help drive economic growth.
Daniel Wilson Addo, Managing Director of CBG, said “Our success comes from empowering Ghanaian businesses and communities.” This outcome shows our dedication to making a positive economic impact, not just financial gain.
CBG’s balance sheet shows financial stability, with total assets at GH¢16.3 billion, a 58% increase from Q3 2023. CBG is leading Ghana’s banking sector in asset growth.
The Bank’s Capital Adequacy Ratio (CAR) is 17.2%, higher than regulatory requirements, showing strong finances and risk management.
The bank’s liquidity ratio of 66.7% shows that it is prepared to meet customer demands. CBG surpasses industry standards, solidifying its reputation as a trusted partner in Ghana’s banking sector.
CBG’s NPL ratio improved by decreasing from 17.9% last year to 11.6% in 2024. The Bank’s credit risk management practices have improved, leading to a healthier loan portfolio that benefits customers with easier access to affordable loans and responsible lending practices.
Customer deposits went up by 38.6%. Customers are showing confidence in CBG as a trusted financial institution through its growth.
The financials show a 14.5% increase in loans and advances, highlighting CBG’s commitment to providing more credit to individuals and businesses in Ghana, especially Small and Medium-sized Enterprises (SMEs) that play a key role in the local economy.
In the future, CBG will focus on innovation and improving the customer experience in their growth plan. It will look for ways to offer smoother services and more financing choices for SMEs and individuals. These efforts support CBG’s goal of offering a straightforward, safe, and unique banking experience for customers.
