Consolidated Bank Ghana LTD. (CBG) has reached a historic milestone in its unaudited financial results for the third quarter of 2024, posting over GHS 1 billion in total revenue for the first time since its establishment. This achievement marks a major leap in the Bank’s growth trajectory within Ghana’s dynamic financial landscape.

CBG recorded a remarkable profit before tax of GHS 169.9 million, a significant increase from GHS 5.3 million reported in Q3 2023 — representing a year-on-year surge of more than 3,105%. This performance reflects the Bank’s solid strategy execution and its ability to navigate market conditions effectively.

Net interest income grew to GHS 727.6 million, driven by well-managed interest expenses and diversified lending activities. This strong revenue base reinforces CBG’s position as a key financial partner supporting Ghanaian businesses, particularly SMEs, with accessible financing solutions that stimulate economic growth.

Commenting on the Bank’s performance, the Managing Director of CBG, Daniel Wilson Addo, stated, “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 remains robust, with total assets rising to GHS 16.3 billion, a 58% increase from Q3 2023 — positioning the Bank among the fastest-growing in the sector. Its Capital Adequacy Ratio (CAR) stands at 17.2%, well above regulatory requirements, reflecting sound risk management practices and financial resilience.

The Bank also reported a liquidity ratio of 66.7%, demonstrating its preparedness to meet customer demands. Additionally, its Non-Performing Loan (NPL) ratio improved from 17.9% in 2023 to 11.6% in 2024, highlighting CBG’s strengthened credit risk framework and healthier loan book.

Customer deposits increased by 38.6%, signalling deepened trust and confidence in the Bank’s services. Loans and advances also saw a 14.5% growth, underscoring CBG’s commitment to expanding credit access for individuals and SMEs across Ghana.

Looking ahead, CBG remains focused on delivering a simple, secure, and differentiated banking experience. The Bank is poised to deepen innovation, improve customer experience, and expand financing options tailored to the needs of SMEs and individual customers.