Rebranded Ghana Commercial Bank see 11% increase in deposits

The Commercial Bank has posted what has been described as an impressive mid-year performance for 2016.

The bank’s profit before tax was GHC269million which represented an increase of 26% over 2015’s GHC214 million recorded in 2015.

In a statement released by the Bank in the mid-year bank review, GCB would continue to deliver maximum Return on Equity as it recorded 41% on ROE.

Annualized earnings per share was also GHC1.41 representing a 25% increase over the same period in 2015.

GCB’s balance sheet remained strong with a 3% growth in Total Assets, to GH¢4.98 billion from GH¢4.84 billion in 2015. Customer Deposits jumped 11% to GH¢3.55 billion from GH¢3.19 billion in 2015 on the back of a successful deposit mobilisation campaign.

The bank added that robust risk management measures in 2016 ensured that the Loans and Advances decreased to GHC5 million compared with a charge of GH11 million in  2016

According to the Managing Director, Mr. Samuel Sarpong, GCB is poised to take a leadership position in key industry financial indicators.

“The bank will continue to invest in the business including the branch network with the roll-out of its new branch design”, he added. The year-end results may, however, be impacted by additional investments in restructuring the organisation to ensure sustainable performance.

Ghana Commercial Bank was rebranded in 2014 to GCB, which saw the introduction of innovative management strategies that increased customer satisfaction and liquidity.

This led to the Bank paying increased dividends to government.

GCB  Ghana Limited presented an amount of GHC18.7 million to the Government of Ghana as dividend for the year 2015.

In 2011, 2012, 2013 and 2014, the bank paid dividends of GHC3.65 million, GHC7.29 million, GHC13.97 million and GHC18.1 million respectively.

Receiving the cheque on behalf of the government, a deputy Minister of Finance, Cassiel Ato Forson, commended the bank for its performance over the years.

He also urged the bank to consider expanding its operations to other Africa countries.

Credit: Pulse Ghana