The Future Is Bright - GCB
6/8/2012 3:31:50 PM -
The Ghana Commercial Bank (GCB) is confident its interest income will rebound this year after taking a nose dive last year.
The Managing Director of the bank, Mr Simon Dornoo, said a significant rise in GCB’s interest income should be expected this year given the impressive nature of its 2012 first quarter performance.
GCB’s profits dipped by 65 per cent in 2011 as interest income slowed and its costs rose on the back of a deep down exercise undertaken in the year to clean up its books and improve compliance with the International Financial Reporting Standards (IFRS).
The bank’s profits, however, shot up by 18 per cent in the first three months of the year giving it more confidence in 2012.
The MD said this in an interaction with journalists recently that the 65 per cent dip in its 2011 profit was expected as it was influenced by “a combination of lower interest income and high cost.”
He explained that the full impact of that dip was, however, offset by significant decline in loan impairments and further expressed optimism in GCB’s ability to overturn that performance in the 2012.
“The future is bright and promising,” he said, adding that the bank’s objective of becoming the best performing bank in the country was “happening quicker than many would have expected.”
The MD said the bank was committed to the tenets of good corporate governance as it was capable of making a greater impact on its 2012 bottom line performance.
“We want to de-personalise this institution and have it structured by governance,” he said.