GCB Lender Ltd has recorded a ¢1.38billion boost in full deposits from ¢6.92 billion in 2017 to ¢8.30 billion symbolizing a 19.6 % advancement in 2018.
This will make GCB the quantity 1 Lender in Ghana in phrases of deposits and asset size.
This was announced at the 25th Yearly Standard Meeting (AGM) structured by the Lender to contemplate and undertake the financial assertion of the organization for the calendar year 2018.
The occasion, which was attended by shareholders of the Financial institution as effectively as the media, took area at the Accra Global Meeting Centre (AICC).
The Chairman of the Board of Directors of GCB Financial institution, Jude Kofi Arthur, introduced other significant gains the Lender built in the calendar year less than review.
“Due to the strong economical effectiveness backed by the disciplined execution of the Bank’s technique, the revenue before tax amplified by 35.6% to ¢ 450.17 million in 2018 from ¢331.98 million in 2017,” he stated.
This impressive financial gain functionality, which was pushed by good revenue growth, has resulted in an amplified dividend which he introduced to the delight of shareholders.
“Accordingly, we propose a dividend of 30 pesewas per share amounting to ¢79.50 million for the 2018 fiscal year.
“The maximize in the dividend was attributed to the development in the Bank’s fundamental earnings for each share which grew from .89 pesewas in 2017 to ¢1.23 in 2018, symbolizing a development of 38 for each cent,” he declared.
The sum, which is payable by June 17 to all shareholders who are registered with the Bank, represents a 200 for each cent increase more than the 2017 dividend, which was 10 pesewas per share.
As at December 2018, GCB Financial institution also recorded a whole asset base of 10.72 billion which is a development of 11.4% when compared to ¢9.63 billion in 2017 and 9.30 billion for complete liabilities.
Expressing optimism about the future efficiency of the Lender, Mr. Arthur declared strategies to introduce a mobile wallet as aspect of procedures on transformation by way of digitization aimed at accelerating growth through the provision of 1st class banking options for its prospects.
Shareholders of the Lender recommended the Bank for demonstrating successful management in the banking sector and for strengthening its general performance in the 12 months less than review.
Joseph Allotey, a shareholder of the Lender, recommended the board for spurring the Financial institution on to success in spite of the difficulties the Banking sector was confronted with last 12 months.
“I want us to all clap for the Board for primary the Bank to make such good gain last yr. Situations were tricky simply because of the Banking crisis but GCB has occur out strong.
“We are grateful to all the staff members for working tough in the past 12 months. We know that the coming yr will see substantially greater benefits,” he applauded.
The appointments of some administrators of the Board specifically, Alhassan Adam Yakubu and Prince Edward A. Youthful were being ratified while other administrators namely, Nik Amarteifio, Emmanuel Ray Ankrah and Nana Ama Ayensua Saara III, Queen Mom of Denkyira had been re-elected.
In 2018 on your own, GCB Lender Ltd, Ghana’s most welcoming Bank supported the country in the parts of wellness, education, natural environment and sanitation with a concentrate on its operational communities via several CSR activities to the tune of ¢5.62 Million.
Hinting on the problems in the earlier year, the chairman outlined the superior charge of operations as a big challenge to the Lender as it posted a expense-to-earnings ratio of 60.5 per cent, which was effectively over the business regular of 53.5 p.c.
“Adequate actions have been set in position to guarantee that our price tag-to-revenue ratio falls below the field average,” he assured.