CalBank PLC on Thursday, March 20, 2025, has held its 2024 Annual General Meeting (AGM), during which the Bank’s audited financial results for the full year ended December 31, 2023 and December 31, 2024, were presented by the outgoing Board Chairman, Mr. Joe Mensah, and approved by the shareholders.
The meeting held at the Bank’s head office at Ridge-Accra, was well attended by shareholders in person or by their proxies. Proceedings were also streamed live to the online audience.
Addressing shareholders at the meeting, Joe Mensah highlighted the Bank’s key achievements in 2024. He commended the management and staff for their outstanding performance, which has strategically positioned the Bank for its next phase of growth.
According to him:
“CalBank is an iconic brand that has successfully navigated several headwinds including the impact of the DDEP, local inflationary pressures and global economic shocks. I want to thank the previous board and management for maintaining the stability of our bank and fostering growth. The Bank’s return to profitability is a testament to the strategic restructuring efforts by both management and the board. We are now well-positioned for continued success and sustainable growth.”
Major highlights of the Bank’s financial performance in 2024 show that profit before tax surged to GHS414.2 million, a significant turnaround from a loss of GHS946.2 million in 2023, despite the impact of substantial modification loss and impairment of GHS346.9 million arising from the Government of Ghana Eurobond Restructuring Exchange Programme (GGERP). This was largely driven by strong net interest income and improved debt recovery over the past year. Customer deposits also grew significantly by 29% to GHS9.6 billion, up from GHS7.5 billion in 2023, reflecting the Bank’s retail banking expansion, digital transformation, and sustained market confidence in the bank.
Speaking on the results, Managing Director, Carl Selasi Asem applauded the resilience of the Bank noting the challenges the Bank and the industry faced the previous year. He said:
“2024 was a defining year for CalBank, marking a significant turnaround in our financial performance. The disciplined execution of our strategy has resulted in a strong recovery, improved financial health, and a positive outlook for the future. We remain committed to enhancing shareholder value, driving digital innovation, and ensuring financial sustainability. We also look forward to working with all our stakeholders to facilitate more growth in the years ahead.”
Other businesses conducted during the AGM included the appointment of Mr. Daniel Nii Kwei-Kumah Sackey as Chairman of the Board of Directors, along with the appointment of other directors. The newly appointed directors at the meeting included Executive Director Johnson
Delali Oware, who also serves as the Deputy Managing Director, and three other Non-Executive Directors Gerrit Muller, Kwadwo Brantuo Mpeani, and Yvonne Ofosu-Appiah.
CalBank continues to execute its strategy to achieve its vision of being Ghana’s most reliable and trusted banking partner, leveraging its digital banking initiatives, strategic partnerships and delivering stakeholder value.
The meeting ended with the shareholders accepting all the tabled resolutions and pledging their support for the team of management and board members.
