BankingBusiness

GCB Bank recorded profit of GHC610.83 million in 2020

GCB Bank’s net interest income was also up 29.1%, from GHC1.16 billion in 2019 to GHC1.5 billion in 2020

GCB Bank Ltd recorded a profit before tax of GHC610.83 million in 2020. This is a 6.5% growth of the GHC573.67 million recorded in 2019. 

According to the bank, the profit was driven by revenue growth, despite the COVID-19 pandemic. 

Jude Arthur, the board chair of GCB Bank announced this at the bank’s 27th annual general in Accra.

Net interest income was up 29.1%, from GHC1.16 billion to GHC1.5 billion.

Net trading income also grew by 17.6% to GHC166.63 million, from GHC141.75 million, whilst net fees and commission income also increased by 15.1% to GHC277.98 million, from GHC241.51 million.

The cost to income ratio [efficiency] improved to 57.4%, compared to 59.1% in 2019.

Total assets recorded a growth of 23.5% from GHC12.52 billion in 2019 to GHC15.45 billion in 2020. The growth was funded mainly from a 21.8% increase in deposits from GHC9.82 billion in 2019 to GHC11.96.

Speaking at the annual general meeting, John Kofi Adomakoh, managing director of GCB Bank outlined a strategic plan that hinges on three pillars, going forward.

The pillars are revenue Growth and Profitability, Operational Resilience as well as Talent and Culture.

Adomakoh said the strategy is due to the constantly changing business environment and disruptions across many fronts.

He said, “Several developments impacting the banking sector, mainly African Continental Free Trade Area (AfCFTA), intensifying competition from both industry and non-industry players including fintechs have reshaped the competitive landscape requiring the need to refresh our strategy and strengthen our execution.”

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