GCB Bank PLC has recorded a strong financial performance for the 2024 financial year, posting a profit before tax of GH¢1.9 billion, representing a 23.3 per cent increase over 2023.
The impressive profit was driven by an 18.3 per cent growth in overall earnings, including an 18.6 per cent rise in interest income, a 22.5 per cent increase in non-funded income, and an 8.41 per cent growth in net trading income.
Addressing the 31st annual general meeting in Accra on Friday, the Board Chairman of GCB Bank PLC, Professor Joshua Alabi attributed the bank’s impressive performance to the strong risk management culture and the successful completion of the banks’s four-year strategic cycle ending in 2024.
He said the growth was also driven by a robust increase in revenue streams and effective execution of the Bank’s strategic plan.
Prof. Alabi said the strategic cycle was focused on sales growth, revenue diversification, modernization of digital services, and a more customer-centric approach.
“GCB’s strong profit performance strengthened the bank’s capital position, with shareholders’ equity increasing by 41 per cent year-on-year to GH¢4.3 billion,” Prof. Alabi noted.
He emphasised that the bank’s internally generated funds contributed significantly to the capital growth of the bank, underscoring its solid financial foundation.
The Board Chairman said total assets of the bank grew by 57.6 per cent year-on-year to GH¢42.8 billion, significantly outpacing the banking industry’s average growth rate of 33.79 per cent.
Prof. Alabi said bank’s loan book expanded by 52.8 per cent to GH¢10.2 billion, while total deposits rose by 58.5 per cent to GH¢34.5 billion.
In line with the performance, he said the Board recommended a dividend of GH¢1.00 per share, translating into a total payout of GH¢265 million, subject to approval by the Bank of Ghana.
The bank, Prof. Alabi said reported a Capital Adequacy Ratio (without forbearance) of 15.23 performance, well above the regulatory threshold of 13 per cent.
Earnings per Share, the Board Chairman said (EPS) rose to GH¢4.53, while Return on Investment stood at 32.4 per cent and Return on Assets at 3.4 per cent.
Prof. Alabi said the bank had started the implementation of new strategic plan spanning 2025 to 2028.
“The new roadmap will focus on three pillars: enhancing customer experience, accelerating digital transformation, and investing in people and talent,” he said.
“We aim to deepen customer relationships through hyper-personalization and leverage advanced digital tools to streamline operations and drive long-term growth,” Prof. Alabi said.
The Managing Director of GCB Bank PLC, Mr Farihan Alhassan, expressed satisfaction with the bank’s performance, describing 2024 as its best year ever in nominal terms.
However, he acknowledged the need for improved cost efficiency, adding that ongoing investments in systems, people, and talent would enhance operational performance of the bank.
Mr Alhassan reaffirmed the bank’s commitment to supporting key sectors such as industry and mining, with the broader goal of contributing to job creation and national economic growth.
“GCB Bank is strategically positioned for sustained profitability and industry leadership, with a renewed focus on customer-centricity, digital innovation, and sustainability,” he said.
The 31st AGM approved the appointment of 10 new directors to the reconstituted GCB Board, headed by Professor Joshua Alabi as an independent non-executive director and Board Chairman, and Mr Farihan Alhassan as Managing Director.
The shareholders also approved Dr Alhaji Yahaya Abdul-Rahman, Mrs Pamela Seyram Addo, Mr Frederick Amissah, and Mr John Colin Villars as Non-Executive Directors.
Also, shareholders approved Mr Alexander Agambilla Awine, Dr Nana Amma Adjovu, Dr Nene Adams Kortey Asafotei, and Dr Abdulai Alhassan, as Independent Non-executive Directors.
By KINGSLEY ASARE
