 of GH₵1.91 billion in 2024. This represents an impressive 25.3% year-on-year growth, despite the challenging economic environment and regulatory shifts affecting liquidity across the banking sector.){kind=link}
GCB Bank PLC has posted its best-ever financial performance, capping off its four-year strategic cycle with a record-high profit before tax (PBT) of GH₵1.91 billion in 2024. This represents an impressive 25.3% year-on-year growth, despite the challenging economic environment and regulatory shifts affecting liquidity across the banking sector.
Key Financial Milestones
The bank’s audited financial results, released on Tuesday, highlight strong revenue growth of 19%, fueled by:
• 19.02% increase in interest income
• 42.72% surge in non-funded income
• 8.41% rise in net trading income
This strategic shift toward a customer-centric and sales-driven model significantly expanded deposits and loan portfolios, boosting GCB’s overall balance sheet to GH₵42.58 billion, a 58% year-on-year growth, outpacing the industry-wide 33.79% asset growth.
Dominating Market Share
• Loan book expansion: 52.83% year-on-year to GH₵10.2 billion, securing an 11.85% industry market share
• Total deposits: GH₵34.63 billion, a 58.1% increase, nearly double the industry’s 28.76% deposit growth
• Capital Adequacy Ratio (CAR): 15.23%, well above the 13% regulatory minimum
• Non-Performing Loan (NPL) ratio: Declined to 15.1%, a 5.1% improvement
GCB’s Earnings Per Share (EPS) rose to GH₵4.56, with a Return on Equity (RoE) of 35.29% and Return on Assets (RoA) of 3.48%. The bank’s capital position strengthened, with shareholders’ equity surging 44.72% to GH₵4.05 billion.
Despite these remarkable figures, Managing Director Farihan Alhassan acknowledges that there is room for improvement.
“2024 has been a truly exceptional year for GCB Bank. These stellar results mark our best performance in history in nominal terms. However, we recognize areas where we need to improve, particularly in efficiency.”He emphasized that significant investments in technology, systems, and talent will drive even greater efficiency and growth as GCB enters a new strategic cycle in 2025.
With a solid foundation for expansion, GCB Bank is positioned to maintain its industry leadership and drive long-term growth. As Ghana’s financial landscape evolves, the bank’s strong balance sheet and profitability ensure it remains a key player in the banking sector, committed to delivering value for shareholders and customers alike.