GCB Posts Impressive Results

Ghana Commercial Bank Limited (GCB) has lived up to its promise of becoming the country’s most profitable and best performing bank, by posting a huge profit of GH¢192.8 million for the year 2012.

This represents a profit before tax growth of 521% over 2011, while profit after tax growth is 696%.

In 2011, GCB recorded a profit of GH¢31.07 million. Profit after tax for 2012 is GH¢142.1 million, as against GH¢17.9 million recorded in 2011.

The management of GCB, in mid 2012, said the bank was on the verge of reclaiming its position as the most profitable bank in Ghana, and that was exactly what the Bank had done.

The Managing Director of GCB, Mr Simon Dornoo, at a media encounter in the first quarter of last year, gave the assurance that the bank would adopt a sharper performance management system, in order to meet the challenges ahead.

Incidentally, investors have demonstrated a lot of confidence in the bank’s stock on the Ghana Stock Exchange, with share price peaking at a year high of GH¢3.10 this year.

After laying a strong foundation, embarking on a transformation and introducing the right mix of products and services, as well as improving customer service and conditions in its banking halls, GCB was bound to achieve this major turnaround.

The bank, between 2011 and 2012, rolled out a variety of electronic banking products and services, renovated over 70 of its branches, reconfigured some, relocated some others, and opened a new one and reconfigured its systems.

Today, GCB offers free ATM services, and while its ATMs accept cards of other banks, GCB’s various channels of service provide the various customers, convenience and easy access to their funds. Other services include Internet banking, SMS banking and Point of Sale terminals.

GCB’s 24-hour personal loan continues to be the bank’s premier product, and is well-patronised by salaried customers at all 158 branches of the bank around the country.

The GCB, celebrating its 60 th Anniversary, having been established in 1953, has reason to be proud of its 2012 performance, and that is why a confident Mr. Dornoo said, “this achievement is a tribute to all who played a part in bringing GCB this far.”