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04.11.2019 Business & Finance

GCB Posts GH¢317.13 Million Profit

By News Desk
GCB Posts GH¢317.13 Million Profit

GCB Bank has posted profit before tax of GH¢317.13 million for the nine months period ending September 30, 2019.

This is an improvement over the GH¢224.99 million recorded over the same period in 2018 financial year and represents 40.9% increase.

During the period, total revenue amounted to GH¢1.13 billion, up 25.1% compared to GH¢ 903.23 million generated over the same period in 2018. The revenue performance was driven by strong growth in earning assets and non-funded income.

As a result of the growth in earning assets, the Bank’s net interest income increased to GH¢843.31 million from GH¢671.62 million, representing a growth of 25.6%.

The net fee and commission income of the Bank soared from GH¢150.65 million in 2018 to GH¢165.45 million in 2019.Trading income out performed prior period by 72.7% to settle at GH¢ 114.11 million.

3rd Quarter Financial Statement 2019
The Bank’s total asset based increased from GH¢10.38 billion to GH¢11.27 billion, up 8.6% largely underpinned by customer deposits.

Customer deposit stood at GH¢ 8.79 billion, up 19.6% relative to GH¢7.35 billion for the same period in 2018.

The Bank remained solid, with strong liquidity and capital adequacy above the minimum regulatory limits.