Monday, July 15, 2019
GCB Bank Limited has held its 25th Annual General Meeting (AGM) for the year ended December 31, 2018 at the Accra International Conference Centre in Accra.
GCB Bank was commended by shareholders for the improved financial performance and for increasing its stated capital to GHS500 million, which is above the regulatory requirement of GHS400 million.
Commenting on the performance of the Bank, Board Chairman of GCB Bank, Mr. Jude Arthur stated that GCB’s stated capital of GHS500 million and Total Shareholders’ Funds of GHS1.45 million has made the Bank even more resilient with the capacity to achieve set strategic objectives, effectively exploit opportunities in the market while managing risk complexities associated with initiatives.
He added that in line with new Bank of Ghana governance protocols, GCB Bank has offered training to Directors to keep them abreast with regulatory requirements and mandates.
The Bank declared a dividend of 30 Ghana pesewas per share which is higher than the 10 Ghana pesewas per share paid for the 2017 financial year.
The 25th AGM brought together board of directors, auditors, shareholders, customers and the public to deliberate on how the bank fared in 2018. It was also a platform for the shareholders to make inputs into the operations of the Bank and express their grievances, expectations and opinions on the performance of the Bank in the fiscal year under review.
Shareholders approved all resolutions on the agenda which included the declaration of dividend, re-election of the Board Directors of the company, ratifying the appointment of new Directors and fixing the remuneration of Directors. At the end of the meeting, shareholders adopted the 2018 audited financials as presented by Deloitte and Touche for the period.
GCB Bank’s profit before tax (PBT) increased by 35.6 per cent to GHS450.17 million in 2018 from GHS331.98 million in 2017 underpinned by disciplined execution of the bank’s strategy, improved market conditions and solid revenue growth.
Net interest income increased by eight per cent; from GHS895.31 million in 2017 to GHS967.10million in 2018. Net trading income increased from GHS41.02 million in 2017 to GHS90.64 million representing an increase of 121.0 per cent.
The Bank also increased net fees and commissions by 16 per cent; from GHS170.30 million in 2017 to GHS197.60 per cent in 2018 making GCB one of the top three most profitable Banks in Ghana for the year 2018.
GCB Bank increased its total assets from GHS9.63 billion in 2017 to GHS10.72 billion in 2018 representing an increase of 11.4 per cent. Total deposit also increased by 19.6 per cent to GHS8.30 billion in 2018 from GHS6.92 billion in 2017, making GCB the number one ranked bank in terms of deposit and asset size in the banking industry.
Corporate Social Responsibility (CSR)
Mr. Arthur stated that GCB Bank spent GHS5.62 million in CSR activities largely in the areas of Health, Education, Environment and Sanitation. He reiterated that GCB Bank’s commitment to the society is non-negotiable and aimed at helping to improve and transform the society.
Commenting on the Bank’s strategy for 2018 and its relationship with 2019 and beyond, the Board Chairman stated that GCB has enhanced its operational excellence, improved expenditure controls and put in place measures to support career and talent development to give the bank a more resilient foundation aimed at consolidating gains made in 2018 and enhancing the Bank’s ability to be more responsive to the changing market needs.
He added that the competitive landscape has changed with technology and digitization offering the launch pad for non-traditional players to provide competing financial services and compete effectively for the customers share of wallet.
GCB Bank, he intimated has embarked on an aggressive digital strategy aimed at enhancing the frontiers of branchless banking, deepening financial inclusion and putting GCB at the heart of the ongoing mobile money revolution by transitioning new clients up the financial pyramid through the provision of a wide array of financial services and opportunities beyond the scope of competing offerings.