GCB Bank Reports Record-Breaking GH₵1.91 Billion Profit in 2024

Key Financial Milestones

The bank’s audited financial results, released on Tuesday, highlight strong revenue growth of 19%, fueled by:• 19.02% increase in interest income• 42.72% surge in non-funded income• 8.41% rise in net trading income

This strategic shift toward a customer-centric and sales-driven model significantly expanded deposits and loan portfolios, boosting GCB’s overall balance sheet to GH₵42.58 billion, a 58% year-on-year growth, outpacing the industry-wide 33.79% asset growth.

Dominating Market Share• Loan book expansion: 52.83% year-on-year to GH₵10.2 billion, securing an 11.85% industry market share• Total deposits: GH₵34.63 billion, a 58.1% increase, nearly double the industry’s 28.76% deposit growth• Capital Adequacy Ratio (CAR): 15.23%, well above the 13% regulatory minimum• Non-Performing Loan (NPL) ratio: Declined to 15.1%, a 5.1% improvement

GCB’s Earnings Per Share (EPS) rose to GH₵4.56, with a Return on Equity (RoE) of 35.29% and Return on Assets (RoA) of 3.48%. The bank’s capital position strengthened, with shareholders’ equity surging 44.72% to GH₵4.05 billion.

Despite these remarkable figures, Managing Director Farihan Alhassan acknowledges that there is room for improvement.

<code>“2024 has been a truly exceptional year for GCB Bank. These stellar results mark our best performance in history in nominal terms. However, we recognize areas where we need to improve, particularly in efficiency.”</code>

He emphasized that significant investments in technology, systems, and talent will drive even greater efficiency and growth as GCB enters a new strategic cycle in 2025.

With a solid foundation for expansion, GCB Bank is positioned to maintain its industry leadership and drive long-term growth. As Ghana’s financial landscape evolves, the bank’s strong balance sheet and profitability ensure it remains a key player in the banking sector, committed to delivering value for shareholders and customers alike.