Daniel Wilson Addo<\/strong><\/p>\n\u00a0<\/p>\n
Consolidated Bank Ghana Ltd (CBG) has achieved a significant milestone in its unaudited financial results for the third quarter of 2024, recording a historic GH\u00a21 billion in total revenue \u2014 the highest ever since its inception and a first for any single year.<\/p>\n
The bank reported a substantial profit before tax of GHS 169.9 million, from GHS 5.3 million recorded in Q3 2023 \u2014 an increase in excess of 3,105%.<\/p>\n
With a net interest income of GH\u00a2727.6 million, driven by well-managed interest expense and revenue from diversified lending activities, CBG surpasses industry benchmarks in profitability growth.<\/p>\n
This financial strength directly supports local businesses, particularly SMEs, by providing accessible financing solutions that fuel economic growth.<\/p>\n
Managing Director of CBG,Daniel Wilson Addo, iterated, \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
CBG\u2019s balance sheet underscores financial stability, with total assets reaching GH\u00a216.3 billion, marking a 58% increase from Q3 2023.<\/p>\n
Additionally, the Bank\u2019s Capital Adequacy Ratio (CAR) stands at 17.2%, well above regulatory requirements reflecting a sturdy financial foundation and risk management.<\/p>\n
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\u2019s banking ecosystem.<\/p>\n
CBG\u2019s non-performing loan (NPL) ratio significantly improved, decreasing from 17.9% last year to 11.6% in 2024. This decline reflects the Bank\u2019s robust credit risk management practices, resulting in a healthier loan portfolio that benefits customers by enhancing access to affordable loans while reinforcing responsible lending.<\/p>\n
Customer deposits also increased by 38.6%. This growth signals customers\u2019 confidence in CBG as a financial institution of trust.<\/p>\n
The financials also reveal a 14.5% increase in loans and advances, accentuating CBG\u2019s 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.<\/p>\n
Looking ahead, CBG\u2019s 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\u2019s mission of providing a simple, secure, and differentiated banking experience to customers.<\/p>\n
By Samuel Boadi<\/strong><\/p>\n\n\t<\/div>\n","protected":false},"excerpt":{"rendered":"
Daniel Wilson Addo \u00a0 Consolidated Bank Ghana Ltd (CBG) has achieved a significant milestone in its unaudited financial results for the third quarter of 2024, recording a historic GH\u00a21 billion in total revenue \u2014 the highest ever since its inception and a first for any single year. The bank reported a substantial profit before tax […]<\/p>\n","protected":false},"author":1,"featured_media":254688,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-254687","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"\n
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