Accra, Ghana – 27 February 2025 – CalBank PLC (GSE: CAL) is pleased to announce its audited financial results for the full year ended 31 December 2024, showcasing a remarkable turnaround and strong financial performance. The results underscore the Bank’s strategic execution, resilience, and unwavering commitment to delivering long-term value to shareholders and stakeholders.
Key Earnings Drivers and Financial Performance:
CalBank’s full-year financial performance reflects a sustained recovery, driven by strategic cost management, strong deposit growth, and a disciplined approach to risk management.
Net Interest Income: Despite an improved cost of funding, NII remained relatively muted at GHS455.3 million, reflecting a steady recovery from DDEP-impacted earnings from investment securities and the loan book.
Net Fees and Commission Income: Increased significantly by 55.7% to GHS179.6 million, driven by enhanced digital channel utilization reflecting improved transactional banking and service delivery.
Profitability: Profit before tax surged to GHS414.2 million, a significant turnaround from a loss of GHS946.2 million in 2023, despite the impact of substantial modification loss and impairment of GHS346.9 million arising from the Government of Ghana Eurobond Restructuring Exchange Programme (GGERP).
Non-Performing Loan Recovery: As part of our strategic focus in 2024, sustained recovery efforts delivered approximately GHS792 million in impaired loan recoveries, particularly from the Hospitality, Construction, and Services sectors.
Deposit Growth: Deposits grew significantly by 29% to GHS9.6 billion, up from GHS7.5 billion in 2023, reflecting the Bank’s retail banking expansion, digital transformation, and sustained market confidence in an indigenous Ghanaian bank.
Strategic Transformation and Digital Penetration:
The growth in deposits has been bolstered by the Bank’s strategic focus on retail banking expansion, agent banking network, and digital banking solutions.
The shift in deposit mix from corporate to individual and SME accounts underscores the Bank’s commitment to financial inclusion.
Agent Banking: The Bank expanded its agent network to over 2200 agents as part of the drive to deepen financial inclusion whilst expanding the reach of CalBank banking services.
Digital Banking: Increased adoption of CalBank’s digital platforms and collection systems has enhanced customer engagement and transaction volumes.
Outlook for 2025 and Beyond:
CalBank remains focused on the disciplined execution of its five-year strategy, aimed at positioning the Bank among the top-tier financial institutions in Ghana.
Retail Expansion: Strengthening nationwide presence while deepening digital banking penetration. Broad-Based Deposit Growth: Sustain a strong focus on low-cost current and savings accounts, building a sustainable core deposit base to support financial intermediation. Enhanced Risk Management: Prioritizing resilience through robust risk frameworks to support long-term sustainable growth.
Loan Portfolio Optimization: Supporting businesses and individuals within strategic sectors while intensifying recovery efforts on non-performing loans.
Commenting on the results, Carl Asem, Chief Executive Officer of CalBank PLC, stated: “2024 was a defining year for CalBank, marking a significant turnaround in our financial performance. The disciplined execution of our strategy has resulted in a strong recovery, improved financial health, and a positive outlook for the future. We remain committed to enhancing shareholder value, driving digital innovation, and ensuring financial sustainability.”
Board Chairman Mr. Joseph Mensah added, “The Bank’s return to profitability is a testament to the strategic restructuring efforts by both management and the board. We are now well-positioned for continued success and sustainable growth.”
Looking ahead, CalBank is poised for sustainable growth, leveraging its digital banking initiatives, strategic partnerships and delivering stakeholder value.
To access the full 2024 annual report click https://calbank.net/storage/CalBank-2024-Financial-Statements_-Publication_._compressed.pdf
About CalBank PLC:
CalBank PLC is a leading indigenous financial institution in Ghana, dedicated to providing innovative banking solutions to individuals, SMEs, and corporate clients. With a strong focus on digital banking, customer satisfaction, and sustainable growth, CalBank remains a trusted partner in Ghana’s financial landscape.
For media inquiries, please contact:
Kofi Siabi
Head Marketing
Email: ksiabi@calbank.net
