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0 CalBank PLC has recorded a resilient turnaround in its financial performance for the first half of 2024.
Latest data from the bank’s unaudited results, for the first half of the year, show significant improvements across key areas, signaling a robust recovery from the setbacks experienced in previous years.
The bank reported a 49.4% increase in profit after tax, rising to GHS 151.9 million from GHS 105.7 million in the same period last year.
This improvement was driven by a 130.1% increase in net fees and commissions income, which reached GHS 113.4 million, from GHS 49.3 million in H1 2023.
CalBank’s balance sheet also showed positive trends, with total assets growing by 14.4% to GHS 10.9 billion, while customer deposits increased by 9.6% to GHS 8.0 billion.
Return on Average Assets (ROAA) improved to 5.8% from 2.3% in H1 2023, while Return on Average Equity (ROAE) witnessed an increase to 389.8% from 23.7%.
However, the Cost-to-Income Ratio rose to 83.1% from 64.0%, indicating higher operational costs relative to income.
A critical moment in the bank’s recovery journey was the successful completion of a capital raise in June 2024, which brought in GHS 145.8 million.
This initiative not only strengthened the bank’s capital position but also resulted in a positive equity of GHS 112.9 million, a marked improvement from the negative GHS 184.9 million reported at the end of 2023.
In a statement issued by the bank, Carl Asem, Acting Managing Director of CalBank PLC, noted that the figures indicate growing customer confidence and the bank’s ability to attract and retain deposits despite recent challenges.
Carl Asem also described the banks, “journey over the past 2 years as one of the most challenging in the history of the bank adding that they have now emerged stronger and entirely focused on delivering value to our stakeholders.
Our return to profitability and positive equity are significant milestones that reflect our dedication to the continued financial stability and sustainable growth of CalBank.”
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