GCB Bank PLC has achieved a record-breaking pre-tax profit of GHS1.9 billion for the 2024 financial year, representing a 23.3 percent increase from the previous year.
The milestone performance, announced at the bank’s 31st Annual General Meeting (AGM), held at the Accra International Conference Centre, marks the best nominal financial performance in the bank’s history.
The strong growth was driven by a combination of rising interest income, increased non-funded income and improved trading activities.
Interest income rose by 18.6 percent, non-funded income grew by 22.5 percent, while net trading income went up by 8.41 percent.
As a result, GCB’s total assets surged by 57.6 percent to reach GHS42.8 billion, significantly above the industry average of 33.79 percent.
In recognition of the outstanding performance, the Board of Directors proposed a dividend of GHS1 per share, amounting to a total of GHS265 million.
This marks a return to dividend payments after a two-year suspension prompted by the impact of the government’s Domestic Debt Exchange Programme.
The proposed dividend, pending approval from the Bank of Ghana, translates into a 15.7 percent yield for shareholders.
GCB Bank Managing Director, Farihan Alhassan stated that: “While we are proud of our financial performance, we are even more focused on the future. We will continue to invest in our people, systems and digital capabilities to deliver sustainable value for all stakeholders.”
The bank’s loan portfolio grew by 52.8 percent to GHS10.2 billion, reflecting its continued support for businesses and individuals.
Customer deposits also experienced strong growth, increasing by 58.5 percent to GHS34.5 billion.
These gains contributed to a 41 percent rise in shareholders’ equity to GHS4.3 billion. GCB maintained a capital adequacy ratio (CAR) of 15.23 percent, well above the regulatory threshold of 13 percent, confirming the bank’s financial strength and resilience.
GCB also recorded notable improvements in asset quality. The non-performing loans (NPL) ratio dropped to 15.1 percent, a 5.1 percentage point improvement compared to the previous year.
The bank delivered a Return on Equity (RoE) of 32.4 percent and a Return on Assets (RoA) of 3.4 percent, reinforcing its commitment to profitability and efficient resource utilization.
The AGM also saw the reconstitution of the bank’s Board of Directors. Shareholders approved the appointment of ten new directors, including Professor Joshua Alabi, who was named Board Chairman and Independent Non-Executive Director.
Mr. Farihan Alhassan was officially confirmed as Managing Director. Other appointments included; Dr. Alhaji Yahaya Abdul-Rahman, Mrs. Pamela Seyram Addo, Mr. Frederick Amissah, Mr. John Colin Villars, Mr. Alexander Agambilla Awine, Dr. Nana Amma Adjovu, Dr. Nene Adams Kortey Asafotei and Dr. Abdulai Alhassan.
The Board Chair, Professor Alabi, commended the bank’s strong performance and emphasised the need to build on these gains.
“This is the time to consolidate our achievements and push for industry leadership. Our new strategy will focus on enhancing customer experience, accelerating digital transformation, and developing talent,” he stated.
Beyond its financial performance, GCB Bank invested GHS12 million in corporate social responsibility (CSR) initiatives during 2024.
These included support for education through the donation of over 3,000 textbooks and the establishment of career services at KNUST, healthcare interventions such as funding for life-saving surgeries and cancer treatments, and support for youth entrepreneurship.
As the bank enters its next four-year strategic cycle (2025–2028), it aims to deepen its customer focus, enhance operational efficiency, and further leverage technology to drive growth.
