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Ghana
Commercial Bank records high profits
Masahudu Ankiilu Kunateh, Ghanadot
Accra, March 25, Ghanadot - Ghana Commercial Bank Limited (GCB),
the leading universal bank in the country has posted impressive
results in 2008, recording a net profit of GH¢37.59million as
against GH¢32.87million in 2007, while profit before tax stood
at GH¢49.71million, last year.
There was also a major surge in customer deposits during the
same period from GH¢839.4million to GH¢1,030.1million,
representing 22.7% growth.
The total assets of the bank registered a growth from GH¢1,154,719,385
in 2007 to 1,650,220,348 in 2008, while total loans and advances
for the period increased to GH¢1,087,118,928 from GH¢750,663,543,
showing a surge of 45.1%.
These facilities went to support various sectors of the economy
including commerce, manufacturing, agriculture, services and
construction.
The bank achieved an appreciable growth in shareholder equity.
Earnings per share for 2008 was GH¢0.142 compared with GH¢0.124
in the previous year, whilst shareholders’ fund also appreciated
from GH¢176.9million to GH¢207.7million for the period under
review.
In view of these impressive performances, the Board of Directors
of the Bank has recommended a dividend of GH¢0.06 per share,
representing a pay-out ratio of 42% to shareholders.
In a release issued by the Bank’s Public Relations Manager, Nana
Duncan, it stated that ‘During the 2008 financial year, GCB made
investments in branch expansion and branch refurbishment having
opened 12 new branches in strategic locations all over the
country’.
To this end, the bank’s branch network soared from 136 in 2007
to 148 by the end of December 2008, thus consolidating the GCB’s
position as Ghana’s largest Bank.
This move was intended to make banking more convenient for the
customers by bringing banking very close to customers and also
serve them in a very comfortable and in a congenial environment.
Similarly, the bank introduced a couple of interesting
electronic-based products in a bid to speed up service delivery
in all the bank’s branches throughout the country.
These products are "Commernetplus," an electronic banking
service and "GCB MasterCard" in addition to "Royal Banking," the
bank’s private banking service.
All these initiatives culminated in pre-tax profits of GH¢49.71million
as against the 2007 figure of GH¢46.96million.
Ghanadot |
