Ghanaian investor Daniel Ofori’s CalBank posts $21 million profit in H1 2026

CalBank PLC, a leading Ghanaian lender backed by serial investor Daniel Ofori, delivered a strong financial performance in the first half of 2026, with profit rising to GHS240.84 million ($20.94 million), marking a 37.66% increase from GHS174.95 million ($15.21 million) in H1 2025.

The bank’s performance was driven by robust growth across its core income lines, with total revenue climbing sharply from GHS362.5 million ($31.51 million) to GHS694.13 million ($60.35 million). This growth reflects improved operating efficiency, stronger lending activity, and diversification across multiple revenue streams.

CalBank strengthens core banking performance

CalBank’s net interest income surged by 83% to GHS347.5 million ($30.21 million), supported by higher interest income and significantly lower funding costs. Interest income rose to GHS451.5 million ($39.25 million) from GHS399 million ($34.69 million), while interest expense declined by more than half to GHS104 million ($9.04 million) from GHS209 million ($18.17 million), highlighting improved cost management.

The bank also recorded strong non-interest revenue growth, as net fees, commissions, and trading income nearly doubled, rising 99% to GHS323.3 million ($28.1 million) from GHS162.7 million ($14.15 million) in the same period last year. This underscores CalBank’s ongoing efforts to diversify its income base beyond traditional lending.

Importantly, earnings were largely driven by core operations rather than one-off gains. Net impairment gains contributed only GHS7 million ($608,576) to profit, compared with approximately GHS154 million ($13.39 million) in H1 2025, signaling a shift toward more sustainable earnings quality.

Balance sheet expansion and asset quality improvement

CalBank’s balance sheet expanded significantly, with total assets rising by 30% to GHS13.9 billion ($1.21 billion), up from GHS10.7 billion ($930.23 million) at the end of June 2025. Customer deposits also increased by 30% to GHS10.9 billion ($947.57 million), reflecting strong customer confidence and continued growth in its retail and commercial banking franchise.

The bank recorded a marked improvement in asset quality, as its non-performing loan (NPL) ratio declined sharply to 10.10%, from 51.6% a year earlier. This improvement points to successful execution of its balance sheet cleanup strategy and tighter credit risk management.

Following its recapitalization in 2025, CalBank strengthened its capital position, with its capital adequacy ratio improving to 18.17%, compared with negative 7.6% in the prior period. Liquidity levels remained robust, supporting the bank’s growth ambitions.

Leadership signals confidence in sustained growth

Commenting on the results, Managing Director Carl Selasi Asem said the bank’s transformation strategy is yielding sustainable results, driven by strong performance across its core businesses and improved financial fundamentals.

“Our first-half performance demonstrates that CalBank’s transformation is delivering sustainable financial results,” Asem said, adding that the bank remains focused on disciplined execution and expects stronger performance in the second half of 2026.

Balance sheet strength improved markedly, with total assets rising by 30.84% from GHS10.69 billion ($929.06 million) to GHS13.98 billion ($1.22 billion), while shareholders’ equity surged by 307.36% to GHS1.82 billion ($158.47 million), up from GHS447.51 million ($38.91 million). 

CalBank continues to prioritize strengthening customer relationships, maintaining prudent risk management, and delivering long-term value to shareholders as it consolidates its recovery and growth trajectory.