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06.06.2019 Business & Finance

GCB Bank's Dividend Per Share Increases By 200%

By Beyonce Diamond Kpogli
GCB Bank's Dividend Per Share Increases By 200%
JUN 6, 2019 BUSINESS & FINANCE

At the just ended annual general meeting held in Accra, GCB bank announced that the increment of shareholders dividends by 200%

The dividends policy seeks to provide shareholders with an adequate return on their investment while maintaining the pace to sustain growth and shareholders value.

According to directors propose a dividend of 30.00 pesewas per share is amounting to GH¢79.50 million for the 2018 fiscal year.

The board chairman of the bank Mr. Jude Kofi Arthur assured shareholders that, measures are been taken to change the cost structure of the bank.

GCB bank, which took over both UT and Capital banks in 2017, has recorded a profit before tax GH¢450 million in 2018 as against GH¢332 million representing an increase of 33.6% over the year 2017.

Hence Loans and advances of GH¢2.1 billion in 2017 to GH¢2.8 billion constituted 33.3% growth of the bank as well.

Managing director of GCB bank, Mr. Ransford Adzete Sowah, attributed the financial performance to a combination of an increase in interest income, net trading income and commission among others.

"our loans are luckily performing very well because we are very prudent and careful with the people we deal with, we are also certainly looking at English speaking West Africa countries as the initial foreign into the market," he said.

However, the total assets based on GCB bank Increase from GH¢9.63 billion in 2017 to GH¢10.72 billion in 2018. The total deposit also went up by 19.6% to GH¢8.30 billion in 2018 from GH¢6.92 billion in 2017.

Mr. Sowah indicated that the bank is focusing on e-banking to improve customer experience and sales, and Upgrading playing center this year.

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