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.
