GHANA COMMERCIAL Bank (GCB) Limited has announced an offer of GHÃ‚Â¢0.06 as dividend per share to its shareholders for the 2008 financial year.
The company posted a net profit of GHÃ‚Â¢37.59 million for the year under review as against GHÃ‚Â¢32.87 million for 2007.
With profit-before-tax reaching GHÃ‚Â¢49.71 million, GCB recorded a surge in customer deposits from GHÃ‚Â¢839.4 million in 2007 to GHÃ‚Â¢1,030.1 million in 2008. This represented a 22.7 percent growth.
The bank achieved an appreciable growth in shareholder equity. Earnings per share for 2008 was GHÃ‚Â¢0.142 compared to GHÃ‚Â¢0.124 in the previous year. Shareholders fund also appreciated from GHÃ‚Â¢176.9million to GHÃ‚Â¢207.7 million for the period under review.
Total assets of GCB registered a growth from GHÃ‚Â¢1,154,719,385 in 2007 to GHÃ‚Â¢1,650,220,348 in 2008 while total loans and advances for the period increased to GHÃ‚Â¢1,087,118,928 from GHÃ‚Â¢750,663,543 – a rise of 45.1 percent.
These facilities were released to support various sectors of the economy including commerce, manufacturing, agriculture, services and construction.
GCB continued its branch expansion and branch refurbishment, opening 12 new branches in strategic locations countrywide to bring its services closer to customers.
The companyÃ¢â‚¬â„¢s branch network soared to 148 from 136 in 2007. Also, it introduced the CommernetPlus, an electronic banking service and GCB MasterCard in addition to Royal Banking, GCBÃ¢â‚¬â„¢s private banking service.
These initiatives culminated in pre-tax profits of GHÃ‚Â¢9.71 million as against the 2007 figure of GHÃ‚Â¢46.96 million.
By Samuel Boadi