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GCB posts outstanding performance in 3rd quarter
Accra, Nov. 27, Ghanadot/GNA - Ghana Commercial Bank, the most
widely distributed bank in Ghana, has recorded an outstanding
performance in the third quarter of the year posting almost 80
percent increase in interest income.
The bank's earnings per share also experienced an upward
adjustment, rising by 31.16 per cent over the previous year's
figure of GH¢0.0953p for the period.
The Gold Coast Security (GCS) Limited financial analysis of the
bank copied to Ghana News Agency on Friday said GCB also
rewarded shareholders in the third quarter with a growth of 2.98
percentage points over the 12.16 per cent captured last year as
return on equity.
The report said return on assets also increased but marginally,
from 1.53 per cent to 1.82 per cent.
GSC says with a current ratio consistently above 1.00 over the
four year period, it is safe to say that GCB remains a fairly
liquid company.
However, on the stock market performance, the GSC Limited
reported that the bank traded below book value for a greater
part of 2009 despite growth in earnings.
It said the decline in value per share, was mainly due to the
market forces and not the fundamentals of the bank.
"The growing numbers of offers on the market drove the price
down way beyond book value during the first and part of the
second quarter," he said but noted that the situation has
started improving with an upward adjustment in the market price
relative to the book value per share.
GCB, it said continues to remain a very liquid stock, trading 60
days out of the 64 days of trading within the third quarter of
this year.
It recorded a volume of 5,466,400 shares exchanging hands,
representing 0.16 per cent of the total volume traded over the
period.
Value traded was also GH¢4,183,293 and accounted for 0.18 per
cent of the total value traded between July 2nd to September
30th this year
GNA
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