GCB Financial institution PLC has recorded a powerful monetary efficiency for the 2024 monetary yr, posting a revenue earlier than tax of GH¢1.9 billion, representing a 23.3 per cent enhance over 2023.
The spectacular revenue was pushed by an 18.3 per cent development in total earnings, together with an 18.6 per cent rise in curiosity earnings, a 22.5 per cent enhance in non-funded earnings, and an 8.41 per cent development in web buying and selling earnings.
Addressing the thirty first annual common assembly in Accra on Friday, the Board Chairman of GCB Financial institution PLC, Professor Joshua Alabi attributed the financial institution’s spectacular efficiency to the sturdy threat administration tradition and the profitable completion of the banks’s four-year strategic cycle ending in 2024.
He mentioned the expansion was additionally pushed by a strong enhance in income streams and efficient execution of the Financial institution’s strategic plan.
Prof. Alabi mentioned the strategic cycle was targeted on gross sales development, income diversification, modernization of digital providers, and a extra customer-centric method.
“GCB’s sturdy revenue efficiency strengthened the financial institution’s capital place, with shareholders’ fairness rising by 41 per cent year-on-year to GH¢4.3 billion,” Prof. Alabi famous.
He emphasised that the financial institution’s internally generated funds contributed considerably to the capital development of the financial institution, underscoring its stable monetary basis.
The Board Chairman mentioned complete property of the financial institution grew by 57.6 per cent year-on-year to GH¢42.8 billion, considerably outpacing the banking business’s common development price of 33.79 per cent.
Prof. Alabi mentioned financial institution’s mortgage guide expanded by 52.8 per cent to GH¢10.2 billion, whereas complete deposits rose by 58.5 per cent to GH¢34.5 billion.
According to the efficiency, he mentioned the Board really useful a dividend of GH¢1.00 per share, translating into a complete payout of GH¢265 million, topic to approval by the Financial institution of Ghana.
The financial institution, Prof. Alabi mentioned reported a Capital Adequacy Ratio (with out forbearance) of 15.23 efficiency, effectively above the regulatory threshold of 13 per cent.
Earnings per Share, the Board Chairman mentioned (EPS) rose to GH¢4.53, whereas Return on Funding stood at 32.4 per cent and Return on Property at 3.4 per cent.
Prof. Alabi mentioned the financial institution had began the implementation of recent strategic plan spanning 2025 to 2028.
“The brand new roadmap will deal with three pillars: enhancing buyer expertise, accelerating digital transformation, and investing in individuals and expertise,” he mentioned.
“We purpose to deepen buyer relationships via hyper-personalization and leverage superior digital instruments to streamline operations and drive long-term development,” Prof. Alabi mentioned.
The Managing Director of GCB Financial institution PLC, Mr Farihan Alhassan, expressed satisfaction with the financial institution’s efficiency, describing 2024 as its finest yr ever in nominal phrases.
Nevertheless, he acknowledged the necessity for improved price effectivity, including that ongoing investments in programs, individuals, and expertise would improve operational efficiency of the financial institution.
Mr Alhassan reaffirmed the financial institution’s dedication to supporting key sectors similar to business and mining, with the broader objective of contributing to job creation and nationwide financial development.
“GCB Financial institution is strategically positioned for sustained profitability and business management, with a renewed deal with customer-centricity, digital innovation, and sustainability,” he mentioned.
The thirty first AGM accepted the appointment of 10 new administrators to the reconstituted GCB Board, headed by Professor Joshua Alabi as an impartial non-executive director and Board Chairman, and Mr Farihan Alhassan as Managing Director.
The shareholders additionally accepted Dr Alhaji Yahaya Abdul-Rahman, Mrs Pamela Seyram Addo, Mr Frederick Amissah, and Mr John Colin Villars as Non-Government Administrators.
Additionally, shareholders accepted Mr Alexander Agambilla Awine, Dr Nana Amma Adjovu, Dr Nene Adams Kortey Asafotei, and Dr Abdulai Alhassan, as Impartial Non-executive Administrators.
By KINGSLEY ASARE
