GCB Bank Limited recorded an increase of almost Ghs 3 billion in the value of its total assets for the 2020 fiscal year.
The Bank’s total assets value end-2020 according to its 2020 financial statement was Ghs 15.3 billion from a previous total assets value of Ghs 12.4 billion.
The increment in assets for the period under review is attributed to two items; the increment in the bank’s investment securities and deferred tax asset which increased from Ghs 5.9 billion to Ghs 8.5 billion and Ghs 101 million to Ghs 158 million respectively.
The bank’s total liabilities for 2020 amounted to Ghs 13.2 billion. The bank’s shareholders’ equity which measures the difference between total assets and total liabilities was a little over Ghs 2 billion for the period under review.
Meanwhile, the bank for the year 2020 recorded a profit growth of 4.4 percent.
In monetary terms, the recorded growth saw the bank’s profit increase to Ghs 439 million.
This is in spite of some Ghs 219 million recorded loan loss by the bank for last year largely due to the coronavirus pandemic, which compelled the bank to restructure some loans.
According to the bank, its loan loss provision impacted its total income despite recording significant growth in all of its income lines.
The bank’s net interest income also grew by 22 percent year-on-year to Ghs 1.4 billion, while trading income also shot up by 17.5 percent year-on-year to Ghs 166 million.
With regard to the robustness of the bank, non-performing loans went up by 2.7 percent to 8.71 percent, but far below the industry average of about 15.3 percent.
GCB’s Capital Adequacy Ratio (CAR) was also way above the industry average at 20.7 percent.
