• About
  • Advertise
  • Privacy Policy
  • Contact
Tuesday, July 14, 2026
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result
in Vaultz Business

Hyundai Ghana recorded fifty percent sales plunge during lockdown restrictions

Maynard Championby Maynard Champion
October 14, 2020
Reading Time: 3 mins read
hg

Hyundai Ghana has disclosed that the COVID-19 pandemic has affected its activities and operations as a company, as they recorded a plummet in sales of over fifty percent.

According to the automobile company, this was further exacerbated by the lockdown restrictions imposed on the country which deepened the wounds on their business.

Regina Adams, the Showroom Manager of Hyundai Ghana, speaking in an interview during the presentation of some Personal Protective Equipment (PPE’s) to the Korle-Bu Teaching Hospital, intimated that the company was in good standing the preceding year.

“It has really affected our sales drastically, we performed better last year but this because Covid-19 came in three months into the year, [and] it really affected our sales.

“During the lockdown, a lot of customers were calling us, they needed vehicles, we had pending business to complete but we had to lockdown so we had to put everything on hold. Our Business really went down. Looking at how many vehicles we were selling a month, it went down like 50%”

She further indicated that the company’s sales started gaining some sparkle after the lockdown restriction was lifted.

ADVERTISEMENT

“Even after the lockdown, we came back. It was still not easy getting people to walk into the showroom because people were staying at home trying to keep safe, but last month and this month, it has been good. Sales is increasing gradually and we know by December things will get better”.

As part of efforts to support government in the fight against the COVID-19 pandemic, Hyundai Motor Company Limited, in July 2020, as well donated 15,000 face masks and 1,000 protective suits worth USD $52,000 to the Korle Bu Teaching Hospital.

According to the company, the donation is part of Hyundai’s commitment to support those in need in the sub-region and to aid the frontline health workers to combat the spread and eventual containment of COVID-19 in Ghana.

Speaking at the donation ceremony, Bang Sun Jeong, Vice President, Head of Hyundai Motor Company Middle East & Africa HQs, said, Ghana is one of the 37 countries that will benefit from Hyundai’s contribution of 16,000 items that will assist front-line medical workers and the public during these unprecedented times.

“Caring for humanity has always been at the heart of Hyundai’s vision and having assisted those in need in countries around the world, we are proud to expand our support to countries across the Middle East and Africa region that have been hardest hit by the pandemic.

 “The contributions of personal protection items are another step forward of making a positive difference and we believe if we work together, we can overcome anything. We hope this pandemic can soon come to an end and we can help people get back to their daily lives.”

Director of Medical Affairs, Dr. Ali Samba, upon receipt of the donation on behalf of the hospital was grateful for the initiative the government has taken so far in containing the situation, but indicated that, it was critical for other stakeholders to lend their support in flattening the curve and protecting the life of every Ghanaian.

This is among Hyundai’s initiatives to tackle COVID-19 globally which includes delivering emergency supplies to medical facilities in China, offering free transportation for the elderly and healthcare professionals in Brazil and providing a fleet of its vehicles to volunteers and self-isolating customers in the UK.

ADVERTISEMENT

Sign Up to Our Newsletter

Fresh updates, Straight to your inbox

Tags: Hyundai Ghanalockdown restrictionssales
ShareTweetShareSendSend
Please login to join discussion
Previous Post

Cristiano Ronaldo tests positive for coronavirus

Next Post

Tax revenue on Domestic Goods and Services decline year-on-year by 22.7 percent

Related Posts

High Court Clears GSA to Slash Container Charges
Vaultz Business

High Court Clears GSA to Slash Container Charges

July 13, 2026
Deputy Trade Minister Hon. Sampson Ahi receives a delegation from ASSETS, led by Team Lead Mr. Peter Adetor, during a courtesy call at the Ministry of Trade, Agribusiness and Industry
Business

ASSETS Explores Partnership with Trade Ministry to Boost SME Exports

July 13, 2026
Manufacturing Growth Needs Better Credit, AGI Insists
Vaultz Business

Manufacturing Growth Needs Better Credit, AGI Insists

July 9, 2026
Ghana’s Maritime Trade Gains Strong Q1 Momentum
Vaultz Business

Ghana’s Maritime Trade Gains Strong Q1 Momentum

July 8, 2026
ADVERTISEMENT

Sign Up to Our Newsletter

Fresh updates, Straight to your inbox

ADVERTISEMENT

Recent News

Group Photo

EPIC Africa Project Pushes Sustainable Volta Basin Management

July 14, 2026
World Health Organization

WHO Launches Research Agenda on Climate, Migration and Health

July 14, 2026
Seal of United States Central Command.svg

US Strikes Iran Again Amid Hormuz Strait Standoff

July 14, 2026
Basic School Children   in Ghana receiving instructions from their teacher

One in Three Districts in Ghana Faces Severe Teacher Shortages, Report

July 14, 2026
CalBank Profit Soars 25% to GHS353.6 Million in Strong First Half Performance CalBank PLC has delivered an impressive financial performance for the first half of 2026, posting a remarkable 25 percent increase in Profit Before Tax (PBT) to GHS353.6 million. The outstanding results highlight the bank's successful strategic transformation and underline its growing strength as one of Ghana's leading financial institutions. The latest figures show that Profit Before Tax climbed from GHS283.2 million in the corresponding period of 2025 to GHS353.6 million, driven by robust growth across the bank's core business operations. The performance reflects improvements in lending, customer deposits, fee based services, trading income, and overall operational efficiency. Unlike previous periods where earnings were significantly supported by impairment recoveries, CalBank's latest results demonstrate that its profitability is now being powered largely by the strength of its underlying banking business. Core Banking Business Drives Exceptional Earnings One of the biggest highlights of the first half performance was the remarkable growth in net interest income, which surged by 83 percent to GHS347.5 million. The increase came despite a relatively lower interest rate environment. Interest income rose from GHS399 million to GHS451.5 million as the bank continued expanding its earning assets. At the same time, funding costs fell sharply, with interest expenses dropping from GHS209 million to GHS104 million. This significant reduction in funding costs improved the bank's profitability and demonstrated stronger balance sheet management. CalBank also recorded exceptional growth from non interest income sources as it continued diversifying its revenue streams. Net fees, commissions, and trading income almost doubled, rising by 99 percent to GHS323.3 million from GHS162.7 million during the same period last year. The strong performance reflects increased customer activity across the bank's retail, commercial, and corporate banking segments. The diversified earnings profile places CalBank in a stronger position to withstand changing market conditions while maintaining sustainable profitability. Stronger Earnings Quality Boosts Investor Confidence Perhaps the most significant aspect of CalBank's results is the improved quality of its earnings. During the first half of 2025, impairment recoveries contributed approximately GHS154 million to profits. However, in the latest reporting period, impairment gains accounted for only GHS7 million. This means the overwhelming majority of profits were generated through normal banking operations rather than one off recoveries. The shift highlights the success of management's transformation strategy and provides greater confidence that future earnings will remain sustainable. Industry analysts often view recurring operating income as a stronger indicator of long term financial health than exceptional gains. Assets and Deposits Record Strong Expansion CalBank also recorded significant growth in its balance sheet during the period. Total assets expanded by 30 percent to GHS13.9 billion from GHS10.7 billion recorded at the end of June 2025. Customer deposits increased by the same margin, rising to GHS10.9 billion. The growth in deposits reflects increasing customer confidence in the bank's brand, improved service delivery, and expanding retail and commercial banking operations. Higher deposits also provide the bank with a stable funding base to support future lending and business expansion. The figures reinforce CalBank's growing position within Ghana's competitive banking industry. Bad Loans Decline Dramatically One of the most remarkable achievements during the first half of the year was the dramatic improvement in asset quality. The bank's Non Performing Loan ratio dropped sharply to 10.10 percent from an exceptionally high 51.60 percent recorded at the end of June 2025. The improvement reflects the successful execution of CalBank's balance sheet remediation programme and disciplined credit risk management practices. A healthier loan portfolio reduces future credit losses while creating additional room for prudent loan growth. The significant decline in bad loans also strengthens investor confidence and enhances the bank's overall financial stability. Capital Position Strengthens After Recapitalisation Following its successful recapitalisation in 2025, CalBank has continued strengthening its financial foundation. Its Capital Adequacy Ratio improved dramatically to 18.17 percent from a negative 7.6 percent recorded a year earlier. The turnaround highlights the success of the bank's recapitalisation efforts and demonstrates its renewed financial resilience. Strong liquidity levels further position the bank to support customers, finance new business opportunities, and meet future regulatory requirements with confidence. The improved capital position also creates greater flexibility for expansion while protecting shareholders against unexpected financial shocks. Management Confident of Even Better Results Commenting on the results, Managing Director Carl Selasi Asem described the first half performance as clear evidence that CalBank's transformation strategy is producing sustainable financial outcomes. He said the bank had achieved strong growth across its core businesses while improving funding efficiency, strengthening profitability, enhancing asset quality, reinforcing its capital base, and expanding its balance sheet. Mr. Asem stressed that the latest earnings were driven by the strength of the bank's underlying operations rather than one time recoveries, reinforcing the quality and sustainability of the results. Looking ahead, he expressed confidence that the momentum built during the first half would enable CalBank to deliver an even stronger performance during the remainder of 2026. Management says the bank remains committed to disciplined execution of its strategic priorities, strengthening customer relationships, maintaining prudent risk management, and creating sustainable long term value for shareholders. CalBank's Transformation Continues to Deliver CalBank's latest financial performance paints the picture of a bank that has successfully rebuilt its foundations and is entering a new phase of sustainable growth. With rising profits, stronger capital, expanding customer deposits, healthier assets, and significantly lower bad loans, the bank appears well positioned to compete aggressively within Ghana's banking sector. As economic conditions continue to improve, CalBank's focus on operational excellence and disciplined execution could make 2026 one of the strongest years in the institution's recent history. READ ALSO: GSE Opens Week with Explosive Trading Activity CalBank Profit Soars 25% to GHS353.6 Million in Strong First Half Performance

CalBank Profit Soars 25% to GHS353.6 Million in Strong First Half Performance

July 14, 2026
ADVERTISEMENT
Next Post
Dr. Ernest Addison - Governor of the Bank of Ghana

Tax revenue on Domestic Goods and Services decline year-on-year by 22.7 percent

The Vaultz News

Copyright © 2025 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2025 The Vaultz News. All rights reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.