GCB Bank makes profit of over GH¢1 billion in 2023

July 2, 2024
GCB Bank makes profit of over GH¢1 billion in 2023

GCB Bank PLC has made a remarkable turnaround, announcing a profit of over GHS 1 billion in 2023, after recording a loss of GHS 743.5 million in the previous year.

This marks a significant milestone in the bank’s history, with a total revenue growth of 26% for the year under review.

The bank’s total revenue reached GHS 3.78 billion, driven by a 37% growth in net interest income.

GCB’s balance sheet remained strong, with total assets growing by 26% to GHS 27.2 billion, and customer deposits reaching GHS 21.8 billion, up 23%.

CB Bank PLC’s Managing Director, Kofi Adomakoh, speaking at the bank’s Annual General Meeting, touched on the factors accounting for the bank’s good performance.

He attributed the bank’s impressive performance to effective cost management, staff training, and a focus on customer needs.

“We also managed our cost, the cost initiation so we brought the cost down. We inspired our staff, we trained them, and we got them to focus on the needs of the clients, our debt income group, and our fee income group as a result of transaction banking initiatives that we also had.

“So it was all built around the strategy of the bank which was around the revenue growth and profitability, meeting customer’s desire.”

Addressing concerns by shareholders regarding their dividends, Kofi Adomakoh assured that the bank will soon review the dividends paid to its shareholders.

He acknowledged their disappointment but emphasised the need to prioritize the bank’s capital growth and stability.

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