CBG bounces back with GH¢160 million pretax profit

Consolidated Bank Ghana Ltd (CBG) has achieved a remarkable turnaround, transitioning from a GH¢712.9 million loss before tax in 2023 to a GH¢160.1 million profit before tax last year. 

This remarkable shift demonstrates the bank’s commitment to strategic lending, prudent risk management and operational efficiency, key pillars reinforcing its vision to be the most trusted bank in Ghana.

Driving profitability

According to CBG’s financial statement, interest income went up by 19 per cent, from GH¢1.73 billion to GH¢2.07 billion.

It was driven by a carefully structured lending strategy that supports businesses while maintaining financial stability.

The bank made credit decisions to ensure lending activities aligned with key economic growth sectors while mitigating risks.

A key highlight of CBG’s lending strategy was a four per cent increase in the loan portfolio, reflecting its commitment to the growth of small and medium enterprises (SMEs) and business expansion. Concurrently, Non-Performing Loans (NPLs) declined by 12 per cent, indicating improved credit quality and loan recoveries.

CBG also recorded a 55 per cent increase in fee and commission income, rising from GH¢157.2 million in 2023 to GH¢244.1 million at the end of last year.

The statement attributed the growth to enhanced customer engagement, higher transaction volumes, and a focus on providing seamless, secure and differentiated banking experiences.

Leadership perspective

Reflecting on the significant achievement, the outgoing Managing Director, Daniel Wilson Addo, said CBG’s remarkable turnaround reflected its commitment to financial resilience, operational excellence and customer-focused innovation.

“By staying true to our mission of providing simple and secure banking, we have strengthened our foundation for long-term growth while creating real value for our customers and stakeholders,” he added.

Operational excellence, balance sheet

Beyond revenue growth, CBG maintained a strong focus on cost discipline, optimising resource allocation and leveraging technology to enhance efficiency, measures that allowed the bank to manage costs while sustainably improving service delivery.

CBG’s total assets also grew by 21.5 per cent, confirming strong investor and customer confidence.

The bank also maintained a healthy liquidity position, supported by a growing deposit base and well-managed investment securities.

A statement issued by the bank said the strategic investments reinforced CBG’s financial strength and ability to help businesses with tailored financial solutions.

Customer-focused future

Looking ahead, the bank said it remained committed to delivering customer-centric innovations and sustainable financial solutions. 

“The bank’s strategic focus on SME lending, digital banking expansion and corporate partnerships positions it for sustained growth in 2025,” it said.

Management of the bank said it would build on its 2024 performance by strengthening its loan portfolio, enhancing the customer experience through digital innovation, and deepening its support for businesses across Ghana.

“With a stronger balance sheet, robust income growth, and improved profitability, CBG is well-positioned to continue driving economic progress while delivering exceptional value to its stakeholders,” the bank said.