Mr. Farihan Alhassan, Managing Director of GCB Financial institution
GCB Financial institution PLC has introduced excellent monetary outcomes for 2024, marking a big milestone because the Financial institution concludes the ultimate 12 months of its 4-year strategic cycle.
The audited monetary outcomes launched Tuesday present the Financial institution achieved a record-high Revenue Earlier than Tax (PBT) of GHȼ1.91 billion, a 25.3% year-on-year enhance.
This efficiency of the Financial institution comes amidst a difficult and unsure working surroundings, which included a serious regulatory change that impacted liquidity industry-wide.
The report factors to income for the 12 months rising by 19%, pushed by a 19.02% enhance in curiosity revenue, a 42.72% surge in non-funded revenue, and an 8.41% enhance in internet buying and selling revenue.
Strategic Focus Drives Stability Sheet Enlargement
The Financial institution’s strategic shift in 2024 in direction of a robust gross sales and customer-centric strategy exhibits a big contribution to deposits and mortgage ebook growth.
In consequence, the Financial institution’s steadiness sheet grew by 58% year-on-year, reaching GHȼ42.58 billion, representing an 11.58% share of the {industry}’s whole belongings.
This outpaced the 33.79% progress in industry-wide belongings.
GCB’s mortgage ebook grew by 52.83% year-on-year to GHȼ10.2 billion, securing an 11.85% share of the full {industry} loans.
Complete deposits elevated by GHȼ12.73 billion to succeed in GHȼ34.63 billion in 2024, reflecting a 58.1% year-on-year progress, which compares favourably with the industry-wide deposit progress of 28.76%.
The robust monetary efficiency in 2024 has additional solidified GCB Financial institution’s capital place.
Shareholders’ fairness surged by 44.72% year-on-year to GHȼ4.05 billion, translating right into a year-end Capital Adequacy Ratio (CAR) of 15.23% with out aid, comfortably above the regulatory minimal of 13%.
The Financial institution’s asset high quality continues to enhance, with its Non-Performing Loans (NPL) ratio declining by 5.1% year-on-year to fifteen.1%.
GCB’s Earnings Per Share (EPS) elevated to GHȼ4.56, whereas the Return on Fairness (RoE) stood at 35.29%. The Return on Property (RoA) for the 12 months was 3.48%.
In notes accompanying the report, GCB famous that the 2024 efficiency continues the resilience the Financial institution has proven in rebounding strongly from the financial disaster regardless of the prevailing challenges within the working surroundings.
“Investments within the programs, folks, and expertise have set a robust base for progress as we transition into a brand new technique cycle from 2025.”
Commenting on the outcomes, Managing Director of GCB Financial institution, Mr. Farihan Alhassan, stated “2024 has been a really distinctive 12 months for GCB Financial institution. These stellar outcomes symbolize one of the best efficiency in our historical past in nominal phrases, marking a big achievement in our journey.
“Nonetheless, we recognise areas the place we want enchancment. This efficiency however, there’s nonetheless room for enchancment in our effectivity metrics.”
Farihan Alhassan assured that with the sizeable funding in programs, skills and other people, the financial institution is on the right track to boost effectivity inside its community”, including that “Total, 2024 was a robust 12 months, and we’re decided to construct on this momentum as we glance to the longer term and proceed to drive progress within the years forward.”
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