CBG reduces liabilities by Ghs 1 billion; posts NPLs of 0.18%
Liabilities of State-owned bank, Consolidated Bank Ghana (CBG), declined by some Ghs 1 billion to end the third quarter of 2021 with total liabilities of Ghs 9.68 billion.
The bank’s total liabilities for the third quarter of 2020 was Ghs 10.69 billion.
Accounting for the decline in the liabilities of the bank was the reduction in deposits by customers from Ghs 7.92 billion to Ghs 6.40 billion in Q3 2020 and Q4 2020.
Funds borrowed by the bank during the review period stood at Ghs 2.38 billion and indicating an increase of about Ghs 944 million increment when compared to the Ghs 1.43 billion funds borrowed in the same period last year.
With a non-performing loan (NPL) ratio of 0.18 percent of gross loans made, CBG probably has the lowest NPLs and hence the strongest loan asset quality among its peers in the country.
Currently, the banking industry’s average NPLs stands at 17 percent.
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Profit recorded for Q3 2021 per the Bank’s Q3 2021 Financial Statement, amounted to Ghs 35.3 million, an increase of Ghs 15.1 million from the previous year’s profit of Ghs 20.2 million.
CBG’s profit for Q3 2021 received a boost from the bank’s operating profit which rose from Ghs 431 million in Q3 2021 to Ghs 563 million in Q3 2021.
Despite the great strides made in reducing its liabilities, increasing profits and recording extremely low NPL levels, the bank’s total assets value declined by some Ghs 1 billion falling from Ghs 11.2 billion to Ghs 10.2 billion in the review period.
Reduction in the bank’s investment securities from Ghs 8.82 billion in Q3 2021 to Ghs 7.63 billion in Q3 2021 mainly accounted for the huge decline.
Peruse details of financial statement below:
2021 q3 Financials Color by Fuaad Dodoo on Scribd
