The Consolidated Bank Ghana Ltd. (CBG) has announced an impressive financial performance for the third quarter of 2024, with total revenue hitting GH₵1 billion—the highest since the bank’s establishment in 2018.
This represents a significant milestone in the bank’s growth trajectory.
The bank’s profit before tax surged to GH₵169.9 million, a dramatic leap from GH₵5.3 million in the third quarter of 2023, marking an extraordinary 3,105% year-on-year increase.
The strong performance was attributed to well-managed interest expenses and revenue from diversified lending activities, which bolstered net interest income to GH₵727.6 million.
Robust Growth Across Key Metrics
CBG’s total assets rose by 58% year-on-year to GH₵16.3 billion. The bank maintained a healthy Capital Adequacy Ratio (CAR) of 17.2% and an impressive liquidity ratio of 66.7%, reinforcing its capacity to meet customer needs.
The bank’s non-performing loan (NPL) ratio improved significantly, declining from 17.9% in 2023 to 11.6% in 2024. Loans and advances grew by 14.5%, while customer deposits increased by 38.6%.
In a statement, the bank highlighted how its financial strength is driving economic growth by providing accessible financing solutions, particularly to Small and Medium-sized Enterprises (SMEs).
Leadership commentary
Mr. Daniel Wilson Addo, Managing Director of CBG, described the achievement as a testament to the bank’s commitment to empowering Ghanaian businesses and communities.
“Our 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,” Mr. Addo stated.
Looking ahead, he emphasized that CBG’s strategic focus will remain on innovation and enhancing customer experience. The bank plans to expand credit access for individuals and SMEs, reinforcing its role as a vital driver of the local economy.
Looking forward
CBG’s stellar performance in the third quarter of 2024 cements its position as a key player in Ghana’s banking sector.
With continued emphasis on innovation, SME financing, and customer-centric services, the bank is poised to sustain its growth momentum and contribute to Ghana’s economic transformation.
This milestone not only demonstrates the bank’s financial strength but also signals its readiness to support local businesses and drive inclusive growth across the country.
