Consolidated Bank Ghana (CBG) end-September 2020 recorded a profit of Ghs 20.2 million.
The recorded profit represents a whooping decline in profits by some 320 percentage points when compared to same period in 2019 when the bank recorded a profit of Ghs 64.9 million.
According to the unaudited income statement of the bank for Q3 2020, net interest income for the period under review was Ghs 359 million, slightly higher than the Ghs 352 million recorded for Q3 2019.
A perusal of CBG’s income statement reveal that a large portion of the bank’s income made from net interest income was chiseled away by the bank’s personal expenses (Ghs 185 million), depreciation and amortization (Ghs 42 million), income tax (Ghs 19 million) and ‘other expenses’ (Ghs 118 million).
With regards to non-performing loans, the bank’s NPL increased marginally to 0.06 percent end-September 2020 from 0 percent NPLs recorded in 2019.
CBG’s Capital Adequacy Ratio (CAR) was also way above the industry average at 19.8 percent, a decline from 30.04 percent in Q3 2019.
