GCB Income Hits GH¢568m

Simon Dornoo, GCB MD
Ghana Commercial Bank (GCB) achieved a total income of GH¢568 million in 2013, a representing a growth of 36 percent over the previous year.

The bank achieved the feat in spite of the decline of about five percentage points in the rates of instruments on the money market where GCB was structurally dominant till the end of the year.

The company’s profit after tax at the end of 2013 was GH¢229 million, as against GH¢143 million recorded in 2012.

It recorded a profit before tax of GH¢317.1 million compared to GH¢192.9 million in 2012, representing an increase of 64 percent.

The bank increased earnings per share by over 59 percent to GH¢0.86 in 2013 from earnings per share of GH¢0.54 in 2012.

Total assets of the bank increased by 14 percent to GH¢3,405 million (2012: GH¢2, 981) reflecting growth in earnings assets.

Simon Dornoo, Managing Director, GCB said the net trading income of the bank rose by 61 percent to GH¢26.8 million compared to GH¢16.6 million realized in 2012.

This, he said, was due to increases in volumes of forex sales to customers and counterparties to settle import trade and the benefits of enhanced spreads from increased volatility during the year under review.

Mr. Dornoo said the bank will continue on the growth path and ensure that the earnings base remains strong and sustainable.

He said the bank diversified revenue base through the development and rollout of products and services, particularly in the Corporate Banking and Treasury businesses.

Dr. Fritz Gockel, Chairman of GCB in a statement said, ‘We will continue with the policies that enhance efficiency and promote innovation as we deepen and pursue growth in our chosen banking and niche markets, and partnering our customers to create value as we enrich their endeavors and lives.’

He said the board and management will approach the operating environment professionally while focusing on policies and programmes that would enhance long-term goals and deliver sustainable value stakeholders.

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By Cephas Larbi

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