\n
Accra, Nov 22, GNA \u2013 The\u00a0Consolidated Bank Ghana Ltd. (CBG),\u00a0has\u00a0recorded\u00a0GHS1 billion in total revenue\u00a0in its\u00a0unaudited financial results for the third quarter of 2024.<\/p>\n
The revenue is the\u00a0highest for any single year since\u00a0the\u00a0inception\u00a0of the bank in 2018, with a\u00a0year-on-year increase in profitability, total assets, and liquidity, the bank said in a statement copied to the Ghana News Agency.<\/p>\n
The\u00a0bank\u00a0also\u00a0reported a profit before tax of GHS169.9 million,\u00a0up\u00a0from GHS5.3m recorded in\u00a0the third quarter of\u00a02023, representing\u00a0an increase of\u00a0more than\u00a03,105\u00a0per cent.\u00a0<\/p>\n
The statement noted that CBG\u2019s\u00a0net interest income of GHS727.6m, driven by well-managed interest expense and revenue from diversified lending activities, surpassed\u00a0industry benchmarks in profitability growth.<\/p>\n
\u201cThis financial strength directly supports local businesses, particularly\u00a0Small and Medium-sized Enterprises (SMEs), by providing accessible financing solutions that fuel economic growth,\u201d the statement said.<\/p>\n
The Bank, in the third quarter of 2024 also its\u00a0with total assets reaching GHS16.3 billion,\u00a0a\u00a058\u00a0per centincrease from\u00a0the same period in\u00a02023, with a\u00a0Capital Adequacy Ratio (CAR) stands at 17.2\u00a0per cent, and a\u00a0liquidity ratio at 66.7\u00a0per cent.<\/p>\n
The bank\u2019s\u00a0non-performing loan (NPL) ratio decreased\u00a0from 17.9\u00a0per cent\u00a0last year to 11.6\u00a0per cent\u00a0in 2024,\u00a0with\u00a0a\u00a014.5\u00a0per cent\u00a0increase in loans and advances\u00a0was recorded, and a\u00a038.6\u00a0per centincrease\u00a0customer deposits.<\/p>\n
The statement explained that these\u00a0outcomes showed CBG\u2019s\u00a0liquid\u00a0position\u00a0and preparedness\u00a0to meet customer demands,\u00a0a healthier loan portfolio that benefits customers, and the trust of\u00a0customers\u00a0in the bank.<\/p>\n
Mr\u00a0Daniel Wilson Addo, Managing Director,\u00a0CBG,\u00a0said, \u201cour 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.\u201d<\/p>\n
On the back of the quarter three performance, Mr Addo\u00a0said\u00a0CBG\u2019s strategic growth plan\u00a0would\u00a0remain focused on innovation and enhanced customer experience.<\/p>\n
He said the Bank would\u00a0continue to seek opportunities to provide seamless services, and more financing options tailored to SMEs and individuals,\u00a0reinforcing its\u00a0mission of providing a simple, secure, and differentiated banking experience to customers.<\/p>\n
Mr Addo pledged the bank\u2019s\u00a0dedication to expanding credit access\u00a0for individuals and businesses across\u00a0the country,\u00a0particularly\u00a0for\u00a0SMEs, which\u00a0he said remained the\u00a0vital drivers of the local economy.<\/p>\n
GNA<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
Accra, Nov 22, GNA \u2013 The\u00a0Consolidated Bank Ghana Ltd. (CBG),\u00a0has\u00a0recorded\u00a0GHS1 billion in total revenue\u00a0in its\u00a0unaudited financial results for the third quarter of 2024. The revenue is the\u00a0highest for any single year since\u00a0the\u00a0inception\u00a0of the bank in 2018, with a\u00a0year-on-year increase in profitability, total assets, and liquidity, the bank said in a statement copied to the Ghana […]<\/p>\n","protected":false},"author":1,"featured_media":254381,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-254380","post","type-post","status-publish","format-standard","has-post-thumbnail","category-top-news"],"yoast_head":"\n
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