GCB reaches GHS 20bn assets valuation in Q1 2022
Assets of State-owned bank, GCB Plc, has reached a GHS 20.2bn valuation per its first quarter financial statement for 2022.
Per GCB’s Q1 2022 financial statement, assets value on a year-on-year basis grew from GHS 16.2bn in Q1 2021 to the current GHS 20.2bn in Q1 2022.
Accounting for the surge in the bank’s assets value base for the review period were GCB’s cash and cash equivalents which increased from GHS 1.7bn to GHS 2.8bn; investment securities which soared to GHS 10.3bn from GHS 8.6bn in Q1 2021; and loans and advances to customers which increased to GHS 4.8bn from GHS 3.6bn in Q1 2021.
Liabilities of the bank within the review period, also witnessed significant increment with the bank ending Q1 2022 with total liabilities valued at GHS 17.5bn.
Compared to same period last year, the bank’s total liabilities was pegged at GHS 14.05bn.
Increment in GCB’s liabilities was on the account of increment in deposits to the bank by its customers. At the end of the first quarter of this year, total deposits accounted for GHS 13.7bn of total liabilities.
Recorded profit-before-tax for Q1 2022 was GHs 228m, an increment of GHS 54m when compared to the GHS 174m profit-before-tax recorded in Q1 2021.
Actual profit for the review period (profit-after-tax) however, amounted to GHS 147m.
Based on the bank’s net profit for the review period, earnings per share for shareholders of the bank for Q1 2022 is pegged at GHS 2.23.
Given the increase in assets value, the bank increased its liquidity ratio from 60.8% in Q1 2021 to 72.7% in Q1 2022.
Loan asset quality of the bank however, experienced some slight deterioration as iGCB’s non-performing loans increased from 13% in Q1 2021 to 15.6% in Q1 2022 which is marginally above the banking industry’s average NPL of 14.4%.
Peruse below details of the financial statement:
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