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GCB well positioned to return value for investors – GCB MD

BY: Graphic Online
Mr. Kofi Adomakoh, Managing Director of GCB Bank PLC
Mr. Kofi Adomakoh, Managing Director of GCB Bank PLC

GCB Bank PLC is focused on driving revenue, according to Managing Director, Kofi Adomakoh, who explains that the Bank has laid a strong foundation and tightened risks, and is well positioned to return value for investors.

Speaking at an investors’ call last Friday, Mr. Adomakoh disclosed that credit under-writing standards have been tightened.

The engagement with investors of the Bank was facilitated by Databank Financial Services Limited and IC Securities (Ghana) Limited.

The Management of the Bank used the opportunity to explain policy and the strategic direction of GCB and its performance.

GCB Bank posted impressive financial results with profit before income tax increasing by 34 per cent in 2021, growing from GH¢602 million in 2020 to GH¢810 million last year. GCB Bank also increased its total asset from GH¢15.5 billion in 2020 to GH¢18.3 billion in 2021, representing a growth of 18 per cent.

Mr. Adomakoh explained that the Bank’s strategic ambition is to be the dominant player in the market and the best by every measure anchored around three strategic pillars of revenue growth and profitability, operational excellence, people and talents.

The Deputy Managing Director of Finance, GCB Bank, Mr. Socrates Afram, explained that an integral part of the Bank’s performance was driven by real growth in its deposit base.

He aid GCB would embark on an aggressive deposit mobilisation drive and that the requisite personnel and other resources have been engaged and procured to achieve this objective.

Mr. Afram reiterated that the Bank would work hard to keep cost under control, saying “GCB remains a very solid and sound bank.”

He said the Bank would keep clean and positive balance sheets and improve on customer experience.

The Deputy MD in charge of Operations, Mr. Emmanuel Odartey Lamptey, announced that the Bank is making inroads in the mobile money transfer business with the introduction of the G-Money.

Present at the programme included the Executive Director, Wholesale and Investment Banking, Mr. Samuel Kwame Aidoo; Executive Head, Retail Banking, Mr. John Adamah; Chief Digital and Marketing, Mr. Eric Coffie; and the Financial Controller, Mr. Kwasi Osei Bobie.