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26.03.2009 Business & Finance

GCB Increase Net Profit

The Ghana commercial Bank (GCB) recorded a net profit of GH¢37.59 million in 2008 as against GH¢32.87 million in 2007.

Customer deposits during the same period rose from GH¢839.4 million to GH¢1,030 million representing 22.7 per cent growth.

During the 2008 financial year, the bank made major investment in branch expansion and branch refurbishment and opened 12 new branches in strategic locations throughout the country.

According to the bank, 'this move was intended to make banking more convenient for the customers by bringing banking very close to customers and also serve them in a very comfortable and congenial environment.

The bank also introduced a couple of electronic-based products in a bid to address speed in service to its customers. Among the products are Commernet-Plus, an electronic banking service, and GCB MasterCard in addition to Royal banking, GCB's private banking service.

The bank achieved an appreciable growth in shareholder equity. It said, earning per share for 2008 rose from GH¢0.142 to GH¢ 0.124 in t he previous year.

The  bank has also increased its support to small and medium-scale enterprises as credit to the sector went up from GH¢19.8 million in January 2008 to GH¢33 million at the end of the year.

Loans and advances equally went up from GH¢750 million to GH¢1.1 billion during the period under review.

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