GCB Bank PLC has posted a record financial performance for the 2024 fiscal year, declaring a GHS1 dividend per share—amounting to GHS265 million—at its 31st Annual General Meeting (AGM), held at the Accra International Conference Centre. The dividend, subject to Bank of Ghana’s approval, marks a return to shareholder payouts after a two-year suspension following the domestic debt exchange program.
Ghana’s premier indigenous bank reported a robust profit before tax (PBT) of GHS1.9 billion, a 23.3% increase year-on-year. The surge was powered by a strong earnings performance, with interest income up 18.6%, non-funded income rising 22.5%, and net trading income growing by 8.4%. These gains helped drive earnings per share (EPS) to GHS4.53 and return on equity (RoE) to an impressive 32.4%.
GCB’s total assets reached GHS42.8 billion—up 57.6%—well above the industry average of 33.8%. The Bank’s loan book expanded by 52.8% to GHS10.2 billion, while customer deposits rose 58.5% to GHS34.5 billion.
In a year that saw GCB climb to second place in key banking metrics, shareholders also approved the reconstitution of the Bank’s Board. Professor Joshua Alabi was named Board Chairman, with Mr. Farihan Alhassan appointed Managing Director. Other appointments included four non-executive and five independent non-executive directors.
Improved risk controls and a focus on asset quality saw GCB reduce its non-performing loan (NPL) ratio to 15.1%, a 5.1% improvement over the previous year. The Bank also recorded a 41% rise in shareholders’ equity, strengthening its capital base and pushing its Capital Adequacy Ratio to 15.23%, above the regulatory minimum of 13%.
Beyond its financials, GCB invested GHS12 million in Corporate Social Responsibility (CSR) initiatives spanning health, education, social inclusion, and entrepreneurship. This included textbook donations, career support programs, and funding for medical treatments and social institutions.
Looking ahead, GCB is entering a new 2025–2028 strategic cycle with a focus on Customer Experience, Digital Transformation, and People & Talent. Managing Director Mr. Alhassan described 2024 as the Bank’s best year on record, while Board Chairman Professor Alabi emphasized the goal of achieving market dominance through digitalization and improved customer service.
With its renewed focus and solid foundation, GCB Bank is poised for sustainable growth and industry leadership.
