GCB Bank records over GH¢1 billion in profits for 2023

Written by GliveRadio Accra on June 28, 2024

GCB Bank PLC has achieved a remarkable turnaround, reporting a profit of over GHS 1 billion in 2023, following a loss of GHS 743.5 million in the previous year.

This milestone represents a significant achievement in the bank’s history, reflecting a total revenue growth of 26% for the year.

GCB Bank PLC’s total revenue surged to GHS 3.78 billion, driven by a 37% increase in net interest income. The bank’s balance sheet remained robust, with total assets expanding by 26% to GHS 27.2 billion, and customer deposits rising to GHS 21.8 billion, up 23%.

Speaking at the bank’s Annual General Meeting, GCB Bank PLC’s Managing Director, Kofi Adomakoh, attributed the institution’s strong performance to effective cost management, staff training initiatives, and a dedicated focus on meeting customer needs.

“We managed our costs effectively, streamlined operations, and invested in staff training to enhance service delivery. Our efforts were also directed towards meeting the needs of our clients, improving both our debt income and fee income through strategic transaction banking initiatives.

“So it was all built around the bank’s strategy focused on revenue growth, profitability, and meeting customer needs.”

Responding to shareholder concerns about dividends, Kofi Adomakoh assured them that the bank would soon review the dividends paid to shareholders. He acknowledged their disappointment but emphasized the importance of prioritizing the bank’s capital growth and stability.