Consolidated Bank Ghana (CBG) has reported its highest quarterly revenue since its inception, posting an impressive GH¢1 billion in Q3 2024. This milestone reflects the bank’s continued growth and strategic focus on innovation and customer-centric solutions.
Profit before tax experienced an extraordinary surge, rising to GH¢169.9 million, a staggering 3,105% increase from GH¢5.3 million in Q3 2023. This remarkable growth underscores the bank’s operational efficiency and effective cost management over the past year.
Strong Financial Performance and Asset Growth
CBG’s total assets grew to GH¢16.3 billion, marking a 58% increase compared to the previous year. This growth was driven by a 38.6% rise in customer deposits and a significant improvement in asset quality. The bank’s non-performing loan (NPL) ratio dropped from 17.9% to 11.6%, reflecting better credit risk management and a healthier loan portfolio.
CBG also demonstrated its financial strength with a robust Capital Adequacy Ratio (CAR) of 17.2%, well above the regulatory requirement, and a liquidity ratio of 66.7%, which highlights its ability to meet short-term obligations and maintain operational stability.
Driving Growth Through SMEs and Innovation
The bank’s strategic focus on SME lending continues to be a key driver of its growth. By offering tailored financial solutions and expanding access to credit, CBG is playing a vital role in supporting Ghana’s small and medium-sized enterprises, a critical sector for economic development.
Additionally, the adoption of innovative banking solutions has enhanced customer trust and satisfaction. From digital platforms to streamlined processes, CBG’s commitment to innovation is transforming how it engages with its growing customer base.
Outlook: Strengthening Impact on Ghana’s Economy
Looking to the future, Consolidated Bank Ghana aims to build on its strong performance by enhancing its services and deepening its role in the nation’s economic transformation. With a clear focus on innovation, financial inclusion, and SME growth, the bank is poised to continue driving progress in Ghana’s financial sector.
CBG’s record-breaking performance in Q3 2024 is a testament to its resilience and strategic vision, positioning it as a leading player in Ghana’s banking industry.