Africa-Press – Ghana. GCB Bank has recommended a GHS 1 dividend per share payout to shareholders for the 2024 fiscal year after achieving a record high profit before tax (PBT) of GHS 1.9 billion, marking a 23.3% year-on-year increase.
The GHS 1 dividend payment, which was announced by the Board at the bank’s 31st Annual General Meeting (AGM), is subject to approval by the Bank of Ghana (BoG).
It amounts to a total of GHS 265 million for the financial year under review.
The bank’s performance was driven by an 18.3% growth in earnings, comprising an 18.6 percent increase in interest income, a 22.5% increase in nonfunded income, and an 8.41% rise in net trading income.
The Bank’s total assets grew by 57.6% year-on-year to GHS 42.8 billion, significantly above the industry growth rate of 33.79%. The results reflect the gains made over the 4-year strategy cycle.
As a sign of progress on the strategy to retrace its path back to outright dominance, GCB climbed above some notable peers to rank second across most of the metrics of financial performance, including deposits, loans, and total assets in 2024.
The 31st AGM also approved the appointment of ten (10) new directors to the re-cons=tuted GCB Board, headlined by Professor Joshua Alabi as an independent non-execu=ve director and Board Chairman, and Mr. Farihan Alhassan as Managing Director.
The Bank’s total assets grew by 57.6percent year-on-year to GHS 42.8 billion, significantly above the industry growth rate of 33.79 percent.
The results reflect the gains made over the 4-year strategy cycle. Consequently, the Bank refocused its sales drive, diversified its revenue streams, modernized digital solu=ons, established a stronger risk culture, and adopted a more customer-centric approach.
As a result, GCB expanded its loan book by 52.8percent year-on-year to GHS 10.2 billion in 2024, while total deposits grew by 58.5 percent year-on-year to GHS 34.5 billion.
The strong profit recorded for the period further strengthened the Bank’s capital position, with shareholders’ equity surging 41 percent year-on-year to GHS 4.3 billion.
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