GCB Bank posts  strong results in Q3
• Kofi Adomakoh (2nd from left) MD, GCB Bank, Abena Amoah (middle) MD, Ghana Stock Exchange, with other executives of the Bank after the presentation of the bank’s Fact Behind the Figures

GCB Bank posts strong results in Q3

GCB Bank PLC (GCB) has recorded strong financial results for the third quarter of the year, with profit before tax increasing year on year to GH¢832 million.

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This represents a growth of 18 per cent.

Total revenue also grew by 30 per cent to GH¢2.7 billion, compared to the same quarter last year. The total revenue was driven by a broad-based growth across all the key revenue lines.

Net interest income and fees and commissions grew by 39 per cent and 11 per cent, respectively, on the back of balance sheet expansion and transaction volume growth, with trading income also growing by nine per cent to end at GH¢332 million. 

Operating expenses were well contained, showing year-on-year growth of 17 per cent according to a report of the bank’s performance posted on the Ghana Stock Exchange (GSE). 

The cost-to-income ratio improved from 54.3 per cent to 50.4, while pre-provision profit was up 50 per cent to close at 1.4 billion, reflecting strong revenue growth and disciplined expense management. 

The total impairment charge of GH¢536 million was largely attributable to the impairment charge on investments in government securities.

Total assets also grew year-on-year by 21 per cent to GH¢25.4 billion, largely due to a 15 per cent growth in customer deposits from GH¢16.2 billion in the prior year to GH¢20.5 billion at the end of September 2023.  Total gross loans and advances grew 13 per cent to GH¢7.8 billion.  

Return on Equity markedly improved from -29.7 per cent in 2022 due to the effect of the Domestic Debt Exchange Programme to 34.2 per cent at the end of September 2023. 

Unique strength 

Commenting on the performance, Managing Director of the Bank, Kofi Adomakoh, said the strong performance was a testament to the unique strength of the bank’s balance sheet, its large and stable core deposit base and executing effectively key initiatives to drive shareholder value.

“Our intensified focus on customer experience, investments in our people and digitisation, and a strong focus on transaction banking combined with a relentless focus on cost management will position us to strengthen our balance sheet further and deliver a sustained improvement in profits.”  

“We will continue to drive effectiveness in sales to increase our client base, grow profit contribution from our Corporate and Commercial business segments, and further grow our market leadership in the retail banking business,” he stated.

He said by leveraging its core strengths and relentless execution of strategy, the bank has great confidence in its ability to serve customers, exceed their expectations and deliver improved and sustained returns to our shareholders.” 

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