CBG posts impressive financial results in Q3

CONSOLIDATED Bank Ghana LTD (CBG) recorded a historic GH¢1 billion in total revenue, the highest ever since its inception and a first for any single year.

By way of profits in the period under review, the bank also recorded a jump in its profit before tax of GH¢169.9 million, an increase in excess of 3,105% from the GH¢5.3 million recorded in Q3 2023.

With a net interest income of GH¢727.6 million, driven by well-managed interest expense and revenue from diversified lending activities, CBG surpasses industry benchmarks in profitability growth, a statement issued by the bank stated.

That financial strength, directly supports local businesses, particularly SMEs, by providing accessible financing solutions that fuel economic growth.

“Amid a dynamic financial landscape, CBG’s performance has confirmed a strong growth trajectory that sets it apart within Ghana’s banking sector,” the release added. 

Other metrics

The bank’s Capital Adequacy Ratio (CAR), a measure of how much capital the bank has available, reported as a percentage of a bank's risk-weighted credit exposures, stood at 17.2 per cent, well above regulatory requirements and reflecting a sturdy financial foundation and risk management.

It said with the liquidity ratio at 66.7 per cent, 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’s banking ecosystem,” it added.

CBG’s non-performing loan (NPL) ratio significantly improved, decreasing from 17.9 per cent last year to 11.6 per cent in 2024.

“This decline reflects the bank’s robust credit risk management practices, resulting in a healthier loan portfolio that benefits customers by enhancing access to affordable loans while reinforcing responsible lending,” the release added.

Regarding customer deposits, the figure also increased by 38.6 per cent, signalling customers' confidence in CBG as a financial institution of trust.

There was also a 14.5 per cent increase in loans and advances, accentuating CBG’s 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. 

Empowerment

Managing Director of CBG, Daniel Wilson Addo, said: “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 balance sheet underscores financial stability, with total assets reaching GHS16.3 billion, marking a 58 per cent increase from Q3 2023.

This positions CBG at the forefront of Ghana’s banking sector in asset growth,” he added. 

Outlook

Looking ahead, the release said CBG’s 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’s mission of providing a simple, secure, and differentiated banking experience to customers,” it said.