GCB Nears GHS 40 Billion Asset Base Value; Posts GHS 613 Million Profit-After-Tax in Q3 2024
GCB Bank Plc saw a notable 57.1% year-on-year increase in its total assets value in the third quarter of 2024, with the asset base rising from GHS 25.1 billion in Q3 2023 to GHS 39.4 billion.
This growth translates to a GHS 14.3 billion increase, driven by a significant 223% surge in cash and cash equivalents to GHS 14.1 billion.
Additionally, the bank’s investment securities rose by 6.2% to GHS 4.3 billion, while loans and advances to customers climbed by 63.1% to GHS 10.2 billion.
Liabilities of the bank also saw substantial growth, increasing by 58.4% to reach GHS 36 billion as of the end of Q3 2024, compared to GHS 22.7 billion in Q3 2023.
In terms of profitability, GCB recorded a profit-after-tax of GHS 613 million, a 13.8% rise over the GHS 538 million reported in the same period last year.
The bank’s Capital Adequacy Ratio (CAR) stood at 16% at the end of Q3 2024 down slightly from 17% in Q3 2023, with the bank’s CAR still well above the Central Bank’s 13% CAR regulatory requirements.
GCB’s non-performing loan (NPL) ratio within the review period saw a marked improvement dropping from 20.3% to 15.5%, reflecting the bank’s successful loan recovery efforts.
To significantly reduce its NPLs, GCB will have to strengthen further its loan recovery mechanisms going forward.
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