Home Business GCB announces ¢573.67m revenue at 26th AGM

GCB announces ¢573.67m revenue at 26th AGM

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GCB Bank recorded sizeable progress in revenue ahead of tax of ¢573.67 million from ¢450.17 million in 2018.

This is a growth in revenue by 27.4 for each cent and compensated a dividend of ¢0.20 for each share.  

Board Chairman of GCB Financial institution, Jude Arthur, attributed GCB’s remarkable monetary general performance to its strategic concentrate of expanding the balance sheet and diversifying the Bank’s earnings base, underpinned by a sturdy risk administration framework, strengthening of the Internal Audit and blended Assurance capabilities.

On the payment of dividend, Mr Arthur stated that even though the Lender of Ghana (Bog) had put a short-term ban on the payment of dividends due to the opportunity detrimental affect of Covid-19 on the liquidity and solvency of financial institutions, GCB was supplied the permission to spend dividends owing to the Bank’s amazing monetary functionality and a situation made by the Lender to the Central Lender to define measures place in place to assure sustainable growth.

He was talking at the Bank’s 26th Once-a-year Standard Meeting (AGM) through a digital system for its shareholders to contemplate and adopt the Experiences of the Administrators, Auditors and the Financial Statements for the yr ended December 31, 2019.  

The virtual AGM was held on Thursday, July 30, 2020 at the GCB Head Workplace in Accra was in compliance with Imposition of Restriction Act 2020 (Act 1012), the Registrar General’s Section and Securities and Exchange Commission directives and steerage on holding digital Once-a-year Typical Conferences.

Commenting on the affect of Covid-19 on the Bank’s operations, Mr Arthur mentioned that the Board has developed actions to battle the effects of the pandemic on both the lender and its shoppers.

He included that actions adopted involve staff members rotation and doing work from residence, stringent adoption and adherence to Covid-19 principles in the office and a framework that prioritises capital expenditure expend using cognizance of Covid-19.

Prospects in sectors that have been challenging hit have been presented with concessionary costs and a moratorium on principal and interest on loan services. 

Deployment of E-Banking Methods

The Lender has also deployed actions aimed at aggressively increasing the Bank’s company in recognized areas, particularly in the progress of electronic banking answers.

Participation of shareholders

Shareholders participated and voted at the AGM by means of a committed portal made for the AGM and a distinctive password.

The AGM proceedings were transmitted reside on GTV and also streamed are living and throughout all GCB Bank’s social media platforms.

At the finish of the meeting, shareholders adopted the 2019 audited financials as introduced by Deloitte & Touche for the time period and approved all resolutions on the agenda which integrated the declaration of dividend, re-election of the Board Directors business retiring by rotation, re-election of Administrators and the authorization of the Administrators to resolve the remuneration of Administrators.

Departure of GCB MD and Deputy

Prior to officially bringing the AGM to a close, the Board Chairman introduced that the Handling Director of the Bank Anselm Ray Sowah, whose three-yr tenure ends this 12 months has opted not to search for a renewal of his deal and will depart the Financial institution.

The Deputy Running Director Functions of the Bank, Samuel Amankwah, has also attained the required retirement age and will be retired from the Financial institution.

The Board Chairman and the Shareholders congratulated them for their stellar general performance and wished them well.

Money Effectiveness

GCB Bank’s Income just before Tax (PBT) greater by 27.4 for every cent to ¢573.67 million in 2019 from ¢450.17 million in 2018 pushed by solid income advancement.

Internet curiosity profits greater by 20.8 for each cent from ¢967.10million in 2018 to ¢1,168.45 million. Web buying and selling cash flow improved from ¢90.64 in 2018 to ¢141.75 million representing an raise of 57.3 for each cent.

The Lender also increased internet charges and commissions by 22.2 for each cent from GHS197.60 per cent in 2018 to 241.51 million.

GCB Financial institution improved its whole property from ¢10.72 billion in 2018 to ¢12.52 billion in 2019 representing an improve of 16.8 for each cent.

Complete deposit also increased by 18.4 for each cent to ¢9.82 billion from ¢8.30 billion in 2018, making GCB the quantity just one rated bank in conditions of deposit and asset dimension in the banking sector.

Corporate social responsibility (CSR)

Mr Arthur said that GCB Bank invested ¢10.37 million in CSR pursuits for 2019 as in contrast to ¢5.62 million expended in 2018 mainly in the parts of health, education, natural environment and sanitation.

He extra that CSR has been highlighted in the new Bathroom tips as an exercise that should be under the purview of the Board and a new coverage framework is currently being designed to define the Bank’s contribution to the communities in which it operates.

Way ahead

On the way forward, the Board Chairman mentioned that more than the previous number of decades GCB has embarked on an intense digital strategy aimed at boosting the frontiers of branchless banking, deepening economical inclusion and putting GCB at the coronary heart of the ongoing cell revenue revolution with the launch of vital initiatives like the start of G-Money an industry very first cellular funds service.

He emphasised that GCB Financial institution would keep on to position alone to attract the unbanked section of the market and also deploy its cell revenue solutions to assist shoppers make the transition from the informal to the official banking sector and supply them with impressive fiscal solutions.

GCB is also poised to choose gain of the “new normal” precipitated by Covid-19 to acquire and boost a range of digital remedies aimed at offering benefit to stakeholders



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