GCB outlines measures to improve its fortunes

The country's biggest bank GCB is to focus on cost cutting measures, restructuring and customer service to improve its fortunes this year.

The bank's earnings for 2011 went down by 65 percent after achieving a record profit of 50 million Ghana cedis in 2010.

But speaking after the bank's Annual General Meeting today, Managing Director Simon Dornoo says the measures could even quadruple its profits for this year.

“The main driver for growth is going to be customer service as increasingly our products have all become that which people just buy off the shelves. So the key driver for us as a huge commercial bank is to improve on customer service which is what we are working on. We can see that coming through in the numbers and I am pleased with the direction it is going” he said.

Its also about improving efficiency. So as we reorganize the bank and change our processes we all aiming at improving efficiency, customer service delivery to boost our customer base” he added.

GCB's profits for the first three months of this year shot up by 18 percent to 23 million Ghana cedis. Despite the dip in its profits bank's shareholders will enjoy 7 pesewas as dividend for every share held.

Story by Emmanuel Agyei / George Wiafe - Joy Business