Skip to main content

CBG Posts Profit In Less Than A Year In Operation

CBG Ghana has in less than a year, moved from a negative position to post profit, in a generally challenging banking environment. This was on the back of prudent management practices; the Bank has explained.

CBG was formed in August last year after the collapse of Five struggling banks in the country. The banks were Sovereign Bank, Royal Bank, The Beige Bank, Construction Bank and Unibank. Heritage Bank and Premium Bank were added in January 2019. These banks had liquidity challenges and the Bank of Ghana opted to revoke the licenses of the said banks. CBG was established to salvage depositors’ funds and to manage the aftermath of the banking sector shake- up

From a very difficult position complicated by a general loss of customer confidence in Ghana’s banking system, which resulted in depositors seeking to withdraw all their funds, CBG fought hard and ended 2018 with a loss of 22.8million Ghana Cedis.

CBG over time won the trust of many customers who kept their funds after the initial threat to move deposits, while others returned funds that were initially withdrawn.

But six months into 2019, CBG has succeeded in turning around its fortunes and moved into profitability. Its 2019 second quarter results show a profit after tax of 41.1 million Ghana cedis, representing about 280 percent improvement on performance over the 2018 financial results.

The second quarter performance also indicates that Net Interest Income was up by about 83 percent from about 122 million cedis at the end of 2018 to 223.8 million cedis in the second quarter of 2019. Total assets of the bank went up from 7.5 billion Ghana cedis to 8.3 billion Ghana cedis, representing a growth of 11 percent.

Having stabilised the finances within such a short period, the bank appears to have turned its attention to growth through a number of marketing activation programmes nationwide. Staff of the bank were seen in branded attire on major streets in various towns throughout the country. It also launched its tagline “We Stand with You”, to signify its commitment to clients.

The Managing Director of CBG Daniel Wilson Addo said in an interview that the Bank was poised to be the preferred bank in Ghana. He said the quick turnaround is testimony of the strong desire to excel and a solid workforce. He commended the customers for believing and staying with the bank, adding that the Bank will stand with them and grow with them. “There is something great happening at CBG and we invite all to come and experience great banking the CBG way”, the MD added.

Mr. Addo commended staff of the Bank for working hard to ensure that the Bank became profitable in record time. He said the future was very bright and encouraged both individuals and corporate organisation to join the CBG family.

Comments

Popular posts from this blog

Photos: Ahuofe Patricia’s She Power Africa Foundation Empowers Girls Of Gomoa Dampase Against Sexual Abuse

On July 25, 2018, Ghanaian actress, Founder and Executive Director of She Power Africa, Priscilla Opoku Agyeman popularly known in showbiz as Ahuofe Patricia together with her team embarked on her mission to empower young female students of the Gomoa Dampase D/A Model Basic School against sexual abuse in the central region of Ghana. She Power is a non-governmental organisation creating awareness and empowering young girls against sexual abuse in Africa with the vision to promote gender equality and end sexual violence against women and children in collaboration with Lokhanda. She Power in accordance with the aspirations of the Ministry of Education is an effective girl-child protection programme with an educational curriculum designed to create and ensure a culture of safety and security for all educational institutions teaching practical, fun and appropriate simple effective means of awareness, prevention, escape and survival skills and also to provide long-term support for female ...

Chivas Regal Scores Big With Multi-Year Global Arsenal Partnership

Luxury Scotch whisky Chivas Regal and iconic global football club, Arsenal, have just announced a new multi-year partnership, emphasising their commitment to championing community, progressing culture, and celebrating collective success. Chivas Regal will become the club’s first Official Whisky Partner ahead of the 2024/25 season, supporting Arsenal’s men’s and women’s teams. The partnership will celebrate both brands’ shared ambition for success and commitment to their communities around the world. It will take supporters behind the scenes through exclusive content and global live experiences featuring men’s and women’s first team players, celebrity supporters, creators, and club legends. Chivas is also set to elevate the matchday experience for supporters at Emirates Stadium by launching a new Chivas Regal bar within Dial Square. The bar will tap into football culture with a curated selection of classic, and exclusive to the Emirates, Chivas Highball serves.

No 'Shower Hour' On Big Brother Naija - Says MultiChoice

As preparations are in top gear for the second edition of social reality TV show, Big Brother Nigeria, organisers have revealed that there will be no broadcast of nude footage called ‘Shower Hour’, when the show returns on January 22, 2017. This comes to some fans as ‘decent’, following the controversies generated by that segment of the show, during the now rested continental edition, Big Brother Africa (BBA). MultiChoice is bringing back the Nigerian version of the series after 10 years. It had announced after the last edition of BBA that each African country will stage the show henceforth. Renamed Big Brother Naija, the show will have 12 housemates who will compete for the prize of N25 million and a brand new KIA Sorento car. Sponsored by PayPorte, the program will run for 78 days, starting 22 January 2017 with a two-hour, live, televised launch and end on 9 April 2017 with a two-hour, live, televised finale.