GCB announces GHc573.67m profit at 26th AGM

by Business Zone

GCB Bank recorded significant growth in profit before tax of GHc573.67 million from GHc450.17 million in 2018.

This is a growth in profit by 27.4 percent and paid a dividend of GHc0.20 per share. 

Board Chairman of GCB Bank, Jude Arthur, attributed GCB’s impressive financial performance to its strategic focus of growing the balance sheet and diversifying the Bank’s income base, underpinned by a robust risk management framework, strengthening of the Internal Audit and combined Assurance functions.

On the payment of dividend, Mr Arthur stated that even though the Bank of Ghana (BOG) had placed a temporary ban on the payment of dividends due to the potential negative impact of Covid-19 on the liquidity and solvency of banks, GCB was given the permission to pay dividends due to the Bank’s impressive financial performance and a case made by the Bank to the Central Bank to outline measures put in place to ensure sustainable growth.

He was speaking at the Bank’s 26th Annual General Meeting (AGM) via a virtual platform for its shareholders to consider and adopt the Reports of the Directors, Auditors and the Financial Statements for the year ended December 31, 2019. 

The virtual AGM was held on Thursday, July 30, 2020 at the GCB Head Office in Accra was in compliance with Imposition of Restriction Act 2020 (Act 1012), the Registrar General’s Department and Securities and Exchange Commission directives and guidance on holding virtual Annual General Meetings.

Shareholders participated and voted at the AGM through a dedicated portal created for the AGM and a unique password.

Net interest income increased by 20.8 percent; from GHc967.10million in 2018 to GHc1, 168.45 million. Net trading income increased from GHc90.64 in 2018 to GHc141.75 million representing an increase of 57.3 percent.

The Bank also increased net fees and commissions by 22.2 percent; from GHc197.60 percent in 2018 to 241.51 million.

GCB Bank increased its total assets from GHc10.72 billion in 2018 to GHc12.52 billion in 2019 representing an increase of 16.8 percent.

Total deposit also increased by 18.4 percent to GHc9.82 billion from GHc8.30 billion in 2018, making GCB the number one ranked bank in terms of deposit and asset size in the banking industry.

Source: BusinessZone Online

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