• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

GCB Bank PLC Posts Record Profit; Grows Total Assets by 58% in 2024

5 months ago
in Business, Features, highlights, Home, home-news, latest News
2 min read
0 0
0
147
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

GCB Bank PLC Posts Record Profit; Grows Total Assets by 58% in 2024

GCB Bank PLC has announced outstanding financial results for 2024, marking a significant milestone as the Bank concludes the final year of its 4-year strategic cycle. The audited financial results released today show the Bank achieved a record-high Profit Before Tax (PBT) of GHS 1.91 billion, a 25.3% year-on-year increase. This remarkable performance highlights the Bank’s resilience in a challenging and uncertain operating environment, which included a major regulatory change that impacted liquidity industry-wide.

Revenue for the year grew by 19%, driven by a 19.02% increase in interest income, a 42.72% surge in non-funded income, and an 8.41% increase in net trading income. These gains reflect GCB Bank’s continued focus on operational excellence and its ability to adapt to market conditions.

Strategic Focus Drives Balance Sheet Expansion

The Bank’s strategic shift in 2024 towards a strong sales and customer-centric approach has significantly contributed to deposits and loan book expansion, positioning GCB Bank to reclaim its dominance in Ghana’s banking sector. As a result, the Bank’s balance sheet grew by 58% year-on-year, reaching GHS 42.58 billion, representing an 11.58% share of the industry’s total assets. This outpaced the 33.79% growth in industry-wide assets. GCB’s loan book grew by 52.83% year-on-year to GHS 10.2 billion, securing an 11.85% share of the total industry loans. Total deposits increased by GHS 12.73 billion to reach GHS 34.63 billion in 2024, reflecting a 58.1% year-on-year growth, which compares favorably with the industry-wide deposit growth of 28.76%.

Improved Asset Quality and Stronger Capital Position
The strong financial performance in 2024 has further solidified GCB Bank’s capital position. Shareholders’ equity surged by 44.72% year-on-year to GHS 4.05 billion, translating into a year-end Capital Adequacy Ratio (CAR) of 15.23% without relief, comfortably above the regulatory minimum of 13%. This marks a significant step in the Bank’s ability to operate without reliance on regulatory forbearance.

Asset quality continues to improve, with our Non-Performing Loans (NPL) ratio declining by 5.1% year-on-year to 15.1%. By maintaining a proactive approach to risk management, the bank expects to sustain the improvement in asset quality. GCB’s Earnings Per Share (EPS) increased to GHS 4.56, while the Return on Equity (RoE) stood at 35.29%, reflecting efficient capital utilization. The Return on Assets (RoA) for the year was 3.48%.

RelatedPosts

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

Focus on Sustained Profitability Amid Rising Costs

The 2024 performance continues the resilience GCB has shown in rebounding strongly from the economic crisis despite the prevailing challenges in the operating environment. Investments in the systems, people, and technology have set a strong base for growth as we transition into a new strategy cycle from 2025. While the record profit came within the context of increasing costs from interest expense, fees and commission expense, and other operating expenses, in part, reflect the prevailing market dynamics, efficiency in operations and the use of capital and cost control remain topical themes as the bank transitions into a new strategy cycle. With the steady improvement in the operating environment expected to unlock growth opportunities, the bank’s sustainable and customer-focused approach to driving deposit and revenue growth via digitalization, proactive sales, ecosystem incubation, and market diversification are expected to come to the fore. Thus, this renewed sales and customer service focus with technology as the enabler, is expected to sustain profitability through the next phase of the Bank’s strategy amidst the ongoing cost efficiency drive through streamlined processes and effective cost control.

Commenting on the results, Managing Director of GCB Bank, Mr. Farihan Alhassan, stated:
“2024 has been a truly exceptional year for GCB Bank. These stellar results represent the best performance in our history in nominal terms, marking a significant achievement in our journey. However, we recognize areas where we need improvement. This performance notwithstanding, there is still room for improvement in our efficiency metrics. The MD assured that, with the sizeable investment in systems, talents and people, the bank is on course to enhance efficiency within our network”. Mr. Alhassan concluded, “Overall, 2024 was a strong year, and we are determined to build on this momentum as we look to the future and continue to drive growth in the years ahead.”

 

Tags: GCB BankGCB Bank PLC Posts Record Profit; Grows Total Assets by 58% in 2024

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

No Result
View All Result

Highlights

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

Banking Sector Soundness Remains Robust in 2024 Amid Strong Profitability, Adequate Capital Buffers

Sha’Carri Richardson Withdraws from US Trials Following Arrest

From Singuluma to El Kaabi: Can CHAN 2024 Unleash the Next Hat-trick Hero?

Ghana to Welcome King’s Baton Relay on August 8 Ahead of 2026 Commonwealth Games

Trending

Features

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

August 2, 2025

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes Parliament has adjourned...

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

August 2, 2025

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

August 2, 2025

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

August 2, 2025
Bank of Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

August 2, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.