Corporate Governance

CalBank Full Year 2018 Audited Results

Accra, Ghana – 28th February, 2019.


CalBank (Ghana Stock Exchange: ‘CAL’) announces its audited results for the year ended 31st December, 2018.

CEO of CalBank, Frank B. Adu Jnr. commented: “2018 was crowned with our meeting the new minimum stated capital requirement of GHS 400 million before 31st December 2018 as promised to our stakeholders. Our FY 2018 results were marked by growth of our core banking business and all our subsidiaries, with all units recording increased revenue. We posted an impressive 30.7% loan book growth and 20.1% growth in net interest income. However, our fee income from advisory services and trading fees fell considerably short of our targets due in no small part to the business uncertainty around local banks ability to survive the regulatory shake-up. This negatively impacted our bottom-line growth with Profit-After-Tax remaining flat compared to the prior year.  Nonetheless, we grew our balance sheet size by 28.32% within the year. On our asset quality, our aggressive loan clean-up in prior years and our enhanced loan monitoring enabled us drop our NPL ratio further from 10.9% to 8.0% in 2018”.

Mr. Adu added:Going forward, the robustness of our risk management systems is key to ensuring that our capital is preserved, with the coming into force of the new Basel 2 and 3 requirements. Our future strategy focuses on increasing earnings and ROE by enhancing our operational efficiency and growing our market presence by continuing our digital transformation and agent banking agenda over the coming 3-year strategic period commencing in 2019. In addition to our traditional corporate and retail sectors, we are especially looking ahead with excitement to take advantage of new opportunities identified in the renewable energy and women-finance sectors, which we are funding via specifically designated credit lines from our DFI partners”.

The Highlights of the Group’s FY-2018 results (y/y) are:

Profit & Loss

  • Net Interest Income grew by 20.1 % from GHS 351m to GHS 421.6m
  • Operating Income increased by 12.3% to GHS 519.3m (GHS 462.2m in FY 2017)
  • Net impairment Loss increased by 21.5% to GHS 66.7m from GHS 54.9m in FY 2017
  • Operating expenses increased by 21.8% to GHS 296.4m (GHS 243.4m in FY 2017)
  • Profit before Tax increased by 1.85% to GHS 222.9m (GHS 218.9m in FY 2017)
  • Profit after Tax increased by 0.21% to GHS 153.2m (GHS 152.9m in FY 2017)
  • Cost/Income Ratio increased to 44.2%from 40.8% in FY 2017

Balance Sheet

  • Total Assets increased by 28.3% to GHS 5.4b (GHS 4.2b in FY 2017)
  • Net Loans & Advances increased by 30.7% to GHS 2.4b (GHS 1.9b at FY 2017)
  • Total Deposits increased by 26.1% to GHS 3.2b (GHS 2.5b in FY 2017)
  • Borrowings increased by 41.7% to GHS 1.3b (GHS 0.9b in FY 2017)
  • Capital Adequacy ratio increased to 22.0% (21.9% in FY 2017)
  • NPL ratio decreased to 8.0% (10.9% in FY 2017)

Shareholder Ratios

  • ROA decreased to 2.8% (3.6% in FY 2017)
  • ROE decreased to 19.7% (22.8% in FY 2017)
  • EPS decreased by 9.6% to GHS 0.2449 (GHS 0.2793 in FY 2017)


Click to read the full year Audited report for 2018 press release and the Condensed Audited Financial Statements for the year ended 31st December, 2018





CAL Bank

Philip Owiredu (Chief Financial Officer):           

Dzifa Amegashie (Head, Investor Relations):      


Notes to the Editors:

The Bank commenced operations as a local merchant bank in 1990 with the sole aim of providing truly differentiated world-class banking solutions. CalBank acquired a Universal Banking License in 2004 and in the same year undertook an initial public offer that was 4.5 times oversubscribed.

The operations of the Bank are backed by experienced managers in key functional areas with a combined experience of over 100 years in banking and finance. The CalBank team provides the required solutions to clients and is supported by a strong IT platform that has seen the Bank being recognized for its innovative products in ICT & Electronic Banking since 2007.

Operations and Subsidiaries

CalBank’s growth strategy is to focus on the growing Ghanaian corporate business sector. Since 2006, the Bank has developed its retail banking operations with specialized products and services to serve the needs of its growing retail clientele. The Bank currently has three wholly owned subsidiaries. CalBrokers Limited is a locally incorporated securities broker and a licensed dealing member of the Ghana Stock Exchange. CalAsset Management Company Limited is licensed as a fund manager and investment advisor by the Securities & Exchange Commission of Ghana. CalBank Nominees Limited (“CalBank Nominees”) holds and administers assets as a custodian.


Branch Network

The Bank has embarked on an expansion program and will continue to expand its footprint by increasing the number of branches throughout the country. Internationally, CalBank benefits from strong correspondent banks all over the world. This enables us handle all international transactions quickly and effectively.


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