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27.03.2009 Business & Finance

GCB posts impressive results

By Daniel Nonor ([email protected]) - Ghanaian Chronicle

Ghana commercial Bank Ltd. posted impressive results, recording a net profit of GH¢37.59 million for 2008, as against 2007 figure of GH¢32.87 million.

Profit after tax for 2008 stood at GH¢47.71million.

There was also a major surge in customer deposit during the same period from GH¢839.4 million to GH¢1,030.1 million representing 22.7 growth.

During the 2008 financial year, GCB made major investments in branch expansion and branch refurbishment having opened 12 new branches in strategic locations all over the country. The bank's branch network also increased from 136 in 2007 to 148 by the end of December 2008, thus consolidating its position as Ghana's largest bank

During the year under review, the bank also introduced a couple of innovative electronic based products such as the CommernetPlus, an electronic banking service and GCB MasterCard onto the market, in a bid to address its customers need.

These initiatives culminated in pre-tax profits of GH¢49.7 million as against the 2007 figure of GH¢46.96million. The Bank achieved an appreciable growth in shareholder equity. Earnings per share for 2008 was GH¢0.142 compared to GH¢0.124 in the previous year. Shareholders' fund also appreciated from GH¢176.9million to GH¢207.7million for the period under review.

Accordingly, the Board of the bank has recommended a dividend of GH¢0.06 per share representing a pay-out ratio of 42 percent to shareholders.

Total assets of the Bank registered a growth from GH¢1,154,719,385 in 2007 to GH¢1,650,220,384 IN 2008 while total loans and advances for the period increased to GH¢1,087,118,928 from GH¢750,663,543 a rise of 45.1 percent.

These facilities that bank said went to support various sectors of the economy including commerce, manufacturing, agriculture, services and construction.