GCB nears record GHS 1 billion profit for 2023
Recorded profit for the 2023 fiscal year by GCB stood at circa GHS 994 million – almost a GHS 1 billion.
This is per the bank’s Q4 2023 financial statement.
The near GHS 1bn profit recorded in 2023 marks a significant recovery from the GHS 555m loss posted by the bank in 2022 on the back of the Government’s domestic debt restructuring.
For equity holders of the bank, the recorded profit translates into some GHS 375 earnings per share.
The significant growth in the bank’s profit for 2023 was underpinned mainly by increased interest income which stood at GHS 3.7bn.
Assets value of GCB within the review period also grew by some GHS 5.6bn from GHS 21.3bn in 2022 to GHS 26.9bn in 2023.
Primarily driving the surge in assets value were growths in cash and cash equivalents (GHS 5.6bn), loans and advances to customers (GHS 6.6bn), and investment securities (GHS 11.8bn).
Liabilities of the bank however also witnessed some growth with GCB posting a total liability value of GHS 24bn at end-2023 from the previous year’s liability value of GHS 19.5bn.
Financial indicators such as the capital adequacy ratio (CAR) of the bank improved in 2023 ending the fiscal year at 19.2% from the previous year’s figure of 17.8%.
The Bank marginally improved its loan asset quality with its non-performing loans ratio (NPLs) declining by some 0.39% from 20.59% in 2022 to 20.20% in 2023.
