GCB posts GHc317.13m profit

GCB MD, Mr Ray Sowah

GCB Bank has posted profit before tax of GHc317.13 million for the nine months period ending September 30, 2019.

This is an improvement over the GHc224.99 million recorded over the same period in 2018 financial year and represents 40.9 percent increase.

During the period, total revenue amounted to GHc1.13 billion, up 25.1 percent compared to GHc903.23 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 GHc843.31 million from GHc671.62 million, representing a growth of 25.6 percent.

The net fee and commission income of the Bank soared from GHc150.65 million in 2018 to GHc165.45 million in 2019.

Trading income out performed prior period by 72.7 percent to settle at GHc114.11 million.

The Bank’s total asset based increased from GHc10.38 billion to GHc11.27 billion, up 8.6 percent largely underpinned by customer deposits.

Customer deposit stood at GHc8.79 billion, up 19.6 percent relative to GHc7.35 billion for the same period in 2018.

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