CBG grows assets to GHS 11.8bn; posts 2.08% NPLs at end-Q3 2022
Consolidated Bank Ghana (CBG) within the review period of Q3 2021 and Q3 2022 grew its total assets value by some GHS 1.6bn.
Per the bank’s Q3 2022 Financial Statement, total assets value at end-Q3 2022 stood at GHS 11.8bn as against the previous figure of GHS 10.2bn at end-Q3 2021.
A perusal of CBG’s financial statement revealed that increments in the bank’s cash and cash equivalents as well as loans and advances to customers accounted for the rise in total assets value.
The bank’s cash and cash equivalents as well as loams and advances to customers within the review period, grew from $1.042bn to $2.05bn and GHS 1.20 to GHS 2.06bn.
Investment securities, another major element of the bank’s total assets value declined marginally from GHS 7.63bn to GHS 7.22bn within the review period.
Liabilities of the bank within the review period increased from GHS 9.68bn to GHS 11.02bn.
Growth in CBG’s liabilities was mainly on the account of increment in deposits from customers which stood at GHS 7.76bn up from the previous year’s figure of GHS 6.40bn.
Asset quality of CBG weakened marginally as its non-performing loans (NPLs) increased year-on-year from 0.18% in Q3 2021 to 2.08% in Q3 2022.
Growth in the bank’s NPLs is indicative of emerging inefficiencies in its loan recovery methods.
Despite the decline in its Capital Adequacy Ratio (CAR) from 18% to 15% at end-Q3 2022, CBG’s CAR is still fairly above the Central Bank’s 13% minimum CAR requirement.
Recorded net profit for the bank at end-Q3 2022 was GHS 41.1m up from the GHS 35.3m net profit recorded same period last year.
