GCB Bank PLC has capped off a landmark year of transformation and financial growth, reporting record-breaking profits and a strengthened capital position that has reaffirmed investor confidence in Ghana’s largest indigenous bank.
At its 31st Annual General Meeting (AGM) held in Accra, the bank presented audited results for the 2024 financial year, highlighting a strategic pivot that has significantly enhanced profitability, operational efficiency, and shareholder value despite a challenging economic environment.
Driven by strong revenue growth and prudent risk management, GCB Bank posted a profit before tax of GH¢1.9 billion—an increase of 23.3% over the previous year. This exceptional performance reflects a successful execution of the bank’s four-year transformation strategy, which concluded in 2024.
The strategy focused on diversifying income streams, modernizing digital channels, and entrenching a customer-centric culture. This approach yielded a robust 57.6% growth in total assets to GH¢42.8 billion and a 58.5% increase in customer deposits to GH¢34.5 billion—both figures well above the industry average.
Dividend Resumption and Board Renewal
Marking a return to dividend payments after a two-year pause, the Board of Directors proposed a GH¢1.00 dividend per share, subject to regulatory approval. If sanctioned by the Bank of Ghana, the payout will amount to GH¢265 million, translating into a 15.7% dividend yield for shareholders.
Read Also: Ghanaian National to be deported after U.S. child pornography conviction
At the AGM, shareholders approved the appointment of ten new board members, reflecting GCB’s renewed corporate governance framework. The reconstituted board is chaired by Professor Joshua Alabi, with Managing Director Farihan Alhassan also serving as a member. Other appointees include prominent professionals from banking, law, and academia.
Resilient Capital and Enhanced Asset Quality
The bank’s capital position improved significantly, with shareholders’ equity rising by 41% to GH¢4.3 billion. The Capital Adequacy Ratio stood at 15.23%, well above the regulatory threshold of 13%. Meanwhile, GCB’s non-performing loan (NPL) ratio declined from 20.2% in 2023 to 15.1% in 2024, underlining improved credit quality.
Earnings per share increased to GH¢4.53, while return on equity rose to 32.4%, signaling efficient capital use and robust shareholder returns.
Community Impact and CSR Commitment
Beyond financial metrics, the bank made a significant social impact in 2024, investing GH¢12 million in corporate social responsibility initiatives. These included education support, health interventions, and entrepreneurship development—demonstrating the bank’s commitment to inclusive growth.
Strategic Outlook (2025–2028)
Looking ahead, GCB Bank has outlined a new strategic cycle focused on customer experience, digital transformation, and talent development. The MD, Farihan Alhassan, reaffirmed the bank’s intention to drive sustainable growth, improve operational efficiency, and position GCB as a dominant player in Ghana’s financial sector.
Board Chair Prof. Alabi echoed this optimism, calling the 2024 performance a springboard for sustained excellence and greater stakeholder value in the years ahead.
