GCB Bank has announced a significant 35% increase in Profit Before Tax to GH¢700.3 million in the first half of 2024, driven by growth in interest income and a 21% increase in customer deposits. The bank’s strategic focus on sales, transaction banking, and customer-centric approach has yielded strong results.
Total revenue increased by 5% to GH¢1.89 billion, with net interest income growing by 5% to GH¢1.43 billion. Net fees and commission income also rose by 28% to GH¢245.4 million, driven by electronic services, trade services, processing, and facility fees.
Operating expenses increased by 17% due to inflation and currency depreciation pressures. However, impairment loss on financial assets declined by 70% year-on-year to GH¢104.8 million, reflecting the bank’s enhanced risk management strategies.
The bank’s balance sheet grew substantially, with total assets surging to GH¢33.20 billion, representing a 22% increase year-to-date. Shareholders’ Equity also grew by 15% to GH¢3.22 billion, demonstrating the bank’s strong financial footing.
Commenting on the results, Managing Director John Kofi Adomakoh attributed the performance to a strong focus on sales and transaction banking, growth in client base, stringent credit underwriting standards, and effective risk management.
