The Board of Directors of GCB Bank has recommended a GH₵1 dividend per share, amounting to GH₵265 million for the 2024 financial year, subject to approval by the Bank of Ghana (BoG).
If approved, this will represent a dividend yield of 15.7%, marking the Bank’s return to dividend payments after a two-year break due to the impact of the domestic debt exchange on capital.
Impressive financial performance
The GCB Group achieved a record-high profit before tax (PBT) of GH₵1.9 billion in 2024, representing a 23.3% year-on-year increase.
This performance was driven by an 18.3% growth in earnings, comprising an 18.6% increase in interest income, a 22.5% increase in non-funded income, and an 8.41% rise in net trading income.
The Bank’s total assets grew by 57.6% year-on-year to GH₵42.8 billion, significantly outpacing the industry average growth rate of 33.79%.
Strategic transformation delivers results
These results reflect the gains from a four-year strategic cycle. During this period, the Bank refocused its sales strategy, diversified its revenue streams, modernized its digital offerings, strengthened its risk culture, and adopted a more customer-centric approach.
As a result, GCB expanded its loan book by 52.8% year-on-year to GH₵10.2 billion in 2024, while total deposits rose by 58.5% to GH₵34.5 billion.
Strengthened capital and shareholder value
The strong profits recorded for the period further bolstered the Bank’s capital position, with shareholders’ equity increasing by 41% year-on-year to GH₵4.3 billion.
This growth underscores the Bank’s ability to strengthen its capital base through internally generated funds.
Consequently, the Capital Adequacy Ratio (without forbearance) stood at 15.23%, well above the regulatory minimum of 13%.
Earnings Per Share (EPS) climbed to GH₵4.53, while Return on Equity (RoE) reached 32.4%, reflecting efficient capital utilisation. Return on Assets (ROA) stood at 3.4%.
Improved asset quality and risk management
The Bank’s sound risk culture and proactive management significantly improved asset quality, with the non-performing loans (NPL) ratio declining to 15.1% at the end of 2024, down 5.1 percentage points from the previous year.
GH₵12m invested in CSR to uplift communities
In line with its commitment to socio-economic development, GCB Bank PLC invested GH₵12 million in Corporate Social Responsibility (CSR) initiatives in 2024.
These activities focused on education, health, sports, and social inclusion.
Key highlights include support for the KNUST Career Services Center, donation of over 3,000 textbooks to schools, funding of critical medical treatments including eye surgeries and breast cancer care, and contributions to institutions such as Akropong School for the Blind and Osu Children’s Home.
The Bank also promoted entrepreneurship through its “Entrepreneurship in You” programme.
New strategic cycle
As GCB Bank transitions into a new strategic cycle (2025–2028), the focus will be on consolidating gains and driving sustainable growth.
The new strategy will revolve around three core pillars: Customer Experience, Digital Transformation, and People & Talent.
Leadership commits to continued excellence
Commenting on the results, Managing Director Mr. Farihan Alhassan praised the Bank’s stellar performance in 2024, describing it as the best in GCB’s history in nominal terms.
He acknowledged, however, the need for improved cost efficiency and noted that investments in systems and talent will further enhance operations.
Mr. Alhassan announced that the Bank is making major investments in cybersecurity to protect customer accounts from external threats.
“We are educating customers as well. We have a cyber centre where every second we are monitoring the system to ensure no intruders break in. So there is a lot of investment going into our systems to make sure we are resilient to any external threats,” he said.
Pioneering full digitalisation
He also revealed the Bank’s ambition to become the first fully digitized bank in Ghana.
To this end, a Chief Digital Officer has been appointed with the mandate of steering the digital transformation.
Mr. Alhassan stated that the move toward full digitalisation is expected to significantly reduce operational costs.
Climbing the ranks in a competitive market
GCB Bank PLC delivered another year of outstanding performance, demonstrating resilience and strategic foresight despite a challenging operating environment.
In 2024, the Bank ranked second across several key financial metrics—including deposits, loans, and total assets—surpassing many of its peers.
New board leadership to drive next phase of growth
At its 31st Annual General Meeting (AGM), shareholders approved the appointment of 10 new directors to a reconstituted Board. The new board is headlined by Professor Joshua Alabi as an independent non-executive director and Board Chairman, and Mr. Farihan Alhassan as Managing Director.
Board Chairman Professor Joshua Alabi emphasized the Bank’s opportunity to build on recent momentum, noting that GCB will pursue industry leadership by enhancing customer experience, leveraging digitalisation, and boosting sales activity.
