CBG posts record-breaking GH¢1 billion revenue in Q3
Accra, Ghana - Nov 21, 2024 - Consolidated Bank Ghana LTD. (CBG) has announced remarkable unaudited financial results for Q3 2024, solidifying its position as a leader in Ghana's banking sector.
Key Highlights:
- Record-breaking total revenue: GH¢1 billion, the highest since inception
- Profit before tax: GH¢169.9 million, up 3,105% from Q3 2023
- Net interest income: GH¢727.6 million, driven by diversified lending activities
- Total assets: GH¢16.3 billion, marking a 58% increase from Q3 2023
- Capital Adequacy Ratio (CAR): 17.2%, exceeding regulatory requirements
- Liquidity ratio: 66.7%, ensuring readiness to meet customer demands
- Non-performing loan (NPL) ratio: 11.6%, down from 17.9% in 2023
- Customer deposits: Up 38.6%, reflecting trust in CBG
- Loans and advances: Increased by 14.5%, supporting SMEs and individuals
Managing Director Daniel Wilson Addo noted that ''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.”
CBG's impressive performance underscores its financial stability, risk management, and customer-centric approach. The bank remains focused on innovation, enhancing customer experience, and providing accessible financing solutions to fuel economic growth.
Growth Drivers:
- Diversified lending activities
- Robust credit risk management
- Strategic growth plan
- Customer trust and confidence
- Commitment to empowering SMEs and local communities
Source: Lead News Online
