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The Consolidated Bank of Ghana (CBG) has indicated that it has gone from a negative position to a profit margin, in a generally difficult banking environment in less than a year, thanks to management practices. cautious.
The Bank's second quarter results for 2019 show an after-tax profit of ¢ 41.1 million, which represents an improvement of approximately 280% compared to the financial results of 2018.
Second quarter performance also indicates that net interest income was up about 83%, from 122 million euros at the end of 2018 to 223.8 million euros in the second quarter of 2019.
The bank's total badets increased from $ 7.5 billion to $ 8.3 billion, an increase of 11%.
CBG was created by the government last August after the collapse of five troubled banks – Sovereign Bank, Royal Bank, Beige Bank, Construction Bank and Unibank – in the country. Heritage Bank and Premium Bank were added in January 2019.
These banks had liquidity problems and the Bank of Ghana revoked their licenses, which led to the creation of the CBG to recover the depositors' funds and to manage the consequences of the consolidation of the banking sector.
Due to a decline in customer confidence in the sector and the withdrawal of funds that followed, the CBG has defeated but ended the year 2018 with a loss. ¢ 22.8 million.
Over time, CBG gained the trust of many clients who held their funds after the initial deposit transfer threat, while others returned funds that were originally withdrawn.
According to the Bank, as of June 2019, CBG has managed to reverse the situation and become profitable.
Having stabilized finances in such a short time, the bank focused on growth through a number of nationwide marketing activation programs.
Bank staff recently launched the "We Are At Your Side" campaign in the main streets of the country to mark its commitment to serving customers.
CBG General Manager Daniel Wilson Addo said they were about to become the preferred bank in Ghana.
According to him, the rapid recovery of the Bank's fortunes demonstrates the strong desire to excel and a strong workforce.
Mr. Wilson Addo praised the clients for their trust and loyalty to the bank, promising that they would accompany and grow with them.
He congratulated Bank staff for their hard work to make it profitable in record time.
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