Accra: GCB Bank is actively investing in cybersecurity systems to protect customer accounts from potential intrusions, stated Managing Director Mr. Farihan Alhassan during the Bank’s 31st Annual General Meeting. He emphasized the importance of customer education to raise awareness and bolster account security, noting the bank’s establishment of a cyber center for continuous system monitoring.
According to Ghana News Agency, GCB Bank is also striving to become the first fully digitized bank in the country, appointing a Chief Digital Officer to oversee this transition. The move towards digitalization aims to reduce operational costs while enhancing customer service. Despite the challenging operating environment, GCB Bank showcased resilience and strategic growth, ranking second in financial performance metrics such as deposits, loans, and total assets in 2024.
The AGM resulted in the approval of 10 new directors to the reconstituted GCB Board, with Professor Joshua Alabi as the independent non-executive direc
tor and Board Chairman, and Mr. Farihan Alhassan as Managing Director. The Board proposed a GHS 1 dividend per share, totaling GHS 265 million for 2024, pending the Bank of Ghana’s approval. If sanctioned, this would represent a 15.7 percent dividend yield, marking the bank’s return to dividend payments after a two-year suspension due to domestic debt exchange impacts.
GCB Bank reported a record profit before tax (PBT) of GHS 1.9 billion, a 23.3 percent increase from the previous year. This performance was driven by an 18.3 percent rise in earnings, with interest income growing by 18.6 percent, non-funded income by 22.5 percent, and net trading income by 8.41 percent. The bank’s total assets surged by 57.6 percent year-on-year to GHS 42.8 billion, surpassing the industry growth rate of 33.79 percent.
The bank’s strategic initiatives over the past four years have led to a refocused sales strategy, diversified revenue streams, modernized digital solutions, and a stronger risk culture. Consequently, GCB expand
ed its loan portfolio by 52.8 percent to GHS 10.2 billion in 2024, while total deposits increased by 58.5 percent to GHS 34.5 billion. The robust profit performance bolstered the bank’s capital position, with shareholders’ equity rising 41 percent to GHS 4.3 billion.
GCB Bank’s Capital Adequacy Ratio stood at 15.23 percent, exceeding the regulatory minimum of 13 percent. Earnings Per Share (EPS) rose to GHS 4.53, with a 32.4 percent Return on Equity (RoE) and a 3.4 percent Return on Assets (ROA). The bank’s non-performing loans (NPL) ratio improved to 15.1 percent, a 5.1 percent reduction from the previous year.
In 2024, GCB Bank invested GHS 12 million in Corporate Social Responsibility initiatives, focusing on education, health, sports, and social inclusion. Highlights include supporting career opportunities at the KNUST Career Services Center, donating textbooks, and funding lifesaving medical treatments. The bank also supported social inclusion efforts and entrepreneurship programs.
As GCB Bank transit
ions to a new strategic cycle (2025-2028), its focus will be on consolidating gains and driving sustainable growth, anchored on Customer Experience, Digital Transformation, and People and Talent. Mr. Farihan Alhassan praised the bank’s performance in 2024 but acknowledged the need for improved cost efficiency, while Board Chairman Professor Joshua Alabi highlighted opportunities for industry dominance through enhanced customer experience and digitalization.