Cal Bank returns to significant growth in profit for 2024; PBT hits GHC414.2m

Cal Bank achieved significant earnings growth in 2024, reporting a Profit Before Tax of GH₵414.2 million, a strong recovery from its GH₵946.2 million loss in 2023.

Despite a GH₵346.9 million impairment from Ghana’s Eurobond restructuring, the bank’s performance was driven by strategic cost management, deposit growth, and risk management.

Deposits rose by 29% to GH₵9.6 billion, supported by retail banking expansion and digital transformation. Net Fees and Commission Income surged by 55.7% to GH₵179.6 million, reflecting improved digital transactions.

The bank recovered GH₵792 million in impaired loans, particularly in Hospitality, Construction, and Services. CEO Carl Asem hailed 2024 as a turnaround year.

Looking ahead, Cal Bank aims to enhance digital banking, expand its retail footprint, and strengthen risk management for sustainable growth.