The GCB Bank Ltd has presented a cheque for GH¢14.152 million to the government as final dividend, following a sterling performance for the 2020 financial year.
The amount represents an increase of 25 percent compared to the GH¢11.321 million the bank paid to the government in 2019.
Presenting the cheque to the Deputy Minister of Finance, Dr John Kumah, the Managing Director of GCB Bank, Mr John Kofi Adomakoh, said the bank performed creditably despite the Covid-19 pandemic and its impact on businesses.
The bank in 2020 posted a profit before tax of GH¢611 million up from GH¢574 million in 2019.
He said the bank would continue to focus on the agribusiness, manufacturing and services sectors in its efforts to support the government in the economic recovery process.
Mr Adomakoh said GCB was pursuing a prudent dividend policy that ensures a reasonable return to shareholders whilst maintaining the growth and appreciation of the share value.
Receiving the cheque, Dr Kumah, the Deputy Minister commended the bank for its sterling performance in 2020 and the consistency in declaring and paying dividend to the government and other shareholders of the bank despite the challenges.
“Let me commend the Board, Management and Staff of GCB Bank Limited for all these impressive gains despite slow economic growth being experienced in the global environment as a result of Covid-19,” he said.
He urged all state own enterprises, joint venture companies and mining companies to make due their dividend responsibility to the government and its shareholders.