Corporate Governance

CalBank Announces Its Audited Full Year Results for 2019

CalBank (Ghana Stock Exchange: ‘CAL’) announces its Audited results for the year ended 31stDecember, 2019.

CEO of CalBank, Philip Owiredu. commented: “Our 2019 financial performance was driven principally by growth in interest income from a 20.5% growth in our advances book. However, growth in non-funded income was subdued due in part to lower trade business volumes but also to higher fees & commissions expenses from transaction costs on medium term borrowings secured from development finance institutions. Despite the lower contribution from non-funded income, the Group posted a 12.8% growth in Net Operating income and a 13.2% growth in Profit after tax.”

“On the balance sheet, we grew loans cautiously, guided by our strong risk-management framework to preserve our asset quality whilst increasing our holdings in government securities to balance our risk portfolio. Backed by our profit-driven strategy, we have returned 14.9% growth in Total Income, 30.1% growth in Total Assets and we have yielded an Average ROA of 2.8% and an Average ROE of 19.8% to shareholders.”

On the way forward, Mr. Owiredu added: “. Our 2020 objectives focus on “strengthening our core” by adopting a selective asset growth strategy in targeted sectors, scaling-up investments in our IT infrastructure to bolster operating efficiency, driving our channel expansion and spearheading an intensive roll-out of our agent banking network. In addition to our traditional corporate and retail sectors, we are excited to continue to drive our innovative green finance and women’s banking packages to finance projects in renewable energy and for women-led businesses across the country.”

“I am delighted to have the full support of our Board, which has been reinvigorated with the addition of five new members, who collectively have demonstrated strategic capability, knowledge and experience in banking, finance etc. and who together with management will lead the growth and development of the Bank in the coming years”.


The Highlights of the Group’s FY-2019 results (y/y) are:

Profit & Loss

  • Net Interest Income grew by 22.9 % from GHS 421.6m to GHS 518.1m
  • Net Operating Income increased by 12.8% to GHS 510.3m (GHS 452.5m in FY 2018)
  • Net impairment Loss increased by 29.0% to GHS 86.1m from GHS 66.7m in FY 2018
  • Operating expenses increased by 16.4% to GHS 267.4m (GHS 229.6m in FY 2018)
  • Profit before Tax increased by 9.0% to GHS 242.9m (GHS 222.9m in FY 2018)
  • Profit after Tax increased by 13.2% to GHS 173.4m (GHS 153.2m in FY 2018)
  • Cost/Income Ratio increased to 44.8%from 44.2% in FY 2018

Balance Sheet

  • Total Assets increased by 30.1% to GHS 7.b (GHS 5.4b in FY 2018)
  • Net Loans & Advances increased by 20.5% to GHS 2.9b (GHS 2.4b at FY 2018)
  • Total Deposits increased by 22.5% to GHS 3.86b (GHS 3.15b in FY 2018)
  • Borrowings increased by 53.7% to GHS 2b (GHS 1.3b in FY 2018)
  • Capital Adequacy ratio increased to 22.7% (16.7% in FY 2018)
  • NPL ratio increased to 10.0% (8.0% in FY 2018)

Shareholder Ratios

  • ROA decreased to 2.5% (2.8% in FY 2018)
  • ROE decreased to 17.8% (19.7% in FY 2018)
  • EPS increased by 13.2% GHS 0.2772 (GHS 0.2449 in FY 2018)



Dzifa Amegashie (Head, Corporate and Investor Relations):  +233 261 513134

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. CalAsset Management Company Limited is licensed as a fund manager and investment advisor by the Securities & Exchange Commission of Ghana. CalBank Nominees Limited (“CAL Nominees”) holds and administers assets as a custodian and Cal Trustees.

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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