Consolidated Bank Ghana Limited (CBG) has achieved a historic milestone, reporting GH¢1 billion in total revenue for the third quarter of 2024—the highest ever since its establishment and a first for any single year in the Bank’s history.

This breakthrough, coupled with exceptional year-on-year growth in profitability, total assets, and liquidity, solidifies CBG’s position as a leader in Ghana’s banking sector.

The Bank recorded a staggering profit before tax of GH¢169.9 million, a monumental rise from GH¢5.3 million in Q3 2023, representing an extraordinary 3,105% growth.

Net interest income surged to GH¢727.6 million, attributed to effective interest expense management and revenues from diversified lending activities.

CBG’s financial performance sets new benchmarks in profitability while empowering local businesses, particularly SMEs, with accessible financing solutions to drive economic growth.

“Our success reflects our dedication to empowering Ghanaian businesses and communities,” said Daniel Wilson Addo, Managing Director of CBG.

“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 reflects stability and growth, with total assets reaching GH¢16.3 billion—a remarkable 58% increase from Q3 2023. This growth cements CBG’s leadership in Ghana’s banking sector.

Key performance indicators, such as the Capital Adequacy Ratio (CAR) of 17.2% and a liquidity ratio of 66.7%, highlight CBG’s robust financial foundation. Meanwhile, its non-performing loan (NPL) ratio improved significantly, dropping from 17.9% to 11.6%, demonstrating strong credit risk management practices.

Customer deposits also grew by 38.6%, showcasing increasing trust and confidence in CBG. Loans and advances rose by 14.5%, underscoring the Bank’s commitment to expanding credit access for individuals and businesses, particularly SMEs—the backbone of Ghana’s economy.

Looking forward, CBG plans to deepen its customer-centric approach through innovation and tailored financial solutions.

The Bank remains committed to providing a seamless, secure, and differentiated banking experience, ensuring its growth trajectory continues while contributing to Ghana’s economic development.