CalBank (Ghana Stock Exchange: ‘CAL’) announces its Audited results for the year ended 31stDecember, 2020.
Philip Owiredu, Chief Executive of CalBank commented: “The Bank’s performance in 2020 reflects a strong, resilient business which delivered strong topline earnings growth but was negatively impacted by an extraordinarily challenging operating environment. The Group’s balance sheet size increased by 12.4% during the period from GHS7.0 billion to GHS7.9 billion and customer deposits increased by 14.7 %. Operating income increased by 15.5% over prior year. Our strong capital and liquidity positions going into the crisis enabled us to continue on our strategic pathway to strengthen the core of the Bank, accelerate our digitization drive, reduce risk and be well positioned to confront future challenges.
We recognize the devastation that Covid-19 has caused in households, families and businesses. Thankfully, in the latter part of 2020, we saw the green shoots of recovery as business activity levels started to rebound across all of our channels. We expect this trend to support our growth in the coming year.
We look forward to exploiting the new opportunities that have arisen out of the “new normal”, especially the opportunities to accelerate the pace of our digital transformation and drive efficiency. We have embarked on a strategic transformational journey to pursue innovation, customer centricity and a complete digital transformation agenda over the next three years.
I am optimistic that the Bank will continue on its path of healthy profitable growth. I must express my heartfelt gratitude to all our staff who have shown incredible commitment in supporting our customers, driving our growth and going the extra mile to deliver an impressive financial performance in this challenging period.”
For further information, please contact Dzifa Amegashie, Head-Investor Relations or firstname.lastname@example.org
For the full CalBank PLC 2020 Annual Report, please click on the links below