GCB reclaims position as most profitable bank

BY: Enoch Darfah Frimpong

Ghana Commercial Bank Limited (GCB) has lived up to its promise of becoming the country's most profitable and best performing bank by posting a profit of GH¢192.8million for the year 2012.

This represents a profit before tax growth of 521 per cent over 2011 while profit after tax growth stood at 696 per cent. Profit after tax for 2012 stood at GH¢142.1m as against GH¢17.9million recorded in 2011.

GCB in mid 2012 said the bank was on the verge of reclaiming its position as the most profitable bank in Ghana and that is exactly what the bank has done.

The Managing Director of the bank, Mr Simon Dornoo, at a media encounter in the first quarter of last year gave the assurance that the bank would adopt a sharper performance management system in order to meet the challenge ahead.

Incidentally, investors have demonstrated a lot of confidence in the bank's stock on the Ghana Stock Exchange with share price peaking at a year high of GH¢3.10 this year.

After laying a strong foundation, embarking on a transformation and introducing the right mix of products and services as well as improving customer service and conditions in its banking halls, GCB was bound to achieve this major turnaround.

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The bank between 2011 and 2012 rolled out a variety of electronic banking products and services, renovated over 70 of its branches, reconfigured some, relocated some others and opened a new one and reconfigured its systems.

Today GCB offers free ATM services and while the ATMs accept cards of other banks, GCB's various channels of service provide the various customers convenience and easy access to their funds.

Other services include Internet banking, SMS banking and Point of Sale terminals.

GCB's 24-hour personal loan continues to be the bank's premier product and is well-patronised by salaried customers at all 158 branches of the bank around the country.

GCB, celebrating its 60th anniversary having been established in 1953, has reason to be proud of its 2012 performance and that is why a confident Mr Dornoo says "this achievement is a tribute to all who played a part in bringing GCB this far". GB