[ 2016-07-28 ]

GCB posts sterling half year performance
GCB Bank’s half-year performance shows positive
results across all financial indices, reiterating
the Bank’s position as one of the most
profitable and well-managed financial institutions
in Ghana.

The Bank delivered an impressive Profit before
Tax (PBT) of GH¢269m, an increase of 26% over
GH¢214m reported in the same period last year,
despite a challenging operating environment.

GCB continues to deliver superior value for its
shareholders. The Bank recorded Return on Equity
(ROE) of 41% and an annualised Earning per share
(EPS) of GH¢1.41, representing a 25% uplift over
the same period in 2015 (GH¢1.13).

GCB’s balance sheet remained strong with a 3%
growth in Total Assets, to GH¢4.98 billion from
GH¢4.84 billion in 2015.

Customer Deposits jumped 11% to GH¢3.55 billion
from GH¢3.19 billion in 2015 on the back of a
successful deposit mobilisation campaign.

Operating expenses were up by 27% at
GH¢252million for the half-year ended 30 June
2016 compared to GH¢198 million for the same
period in 2015. However, Cost Income ratio dropped
from 51% to 49% in 2016.

Impairment provisions on the Bank’s Loans and
Advances decreased to due to a release of GH¢5m
compared with a charge of GH¢11m for the same
period in 2015 due to robust risk management
practices and aggressive portfolio monitoring and
recovery programmes.

The Bank continues to remain adequately
capitalised to support its present and future risk
profile reflected in a Capital Adequacy Ratio
(CAR) of 25% (June 2015: 20%) which is well above
the regulatory minimum.

Mr. Samuel Sarpong said GCB is poised to take a
leadership position in key industry financial
indicators. He added that the Bank will leverage
its branch network and value chain of its valued
customers to mobilize and retain deposits while
maintaining an aggressive posture on portfolio
monitoring & recovery to end the year with very
strong performance.

“The Bank will continue to invest in the
business including the branch network with the
roll-out of its new branch design” he added.

The year-end results may, however, be impacted by
additional investments in restructuring the
organization to ensure sustainable performance.

Source - Myjoyonline.com

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