GCB Bank has proposed a GH¢1 dividend per share payout to shareholders for the 2024 financial year, following a historic 23.3% increase in profit before tax (PBT), reaching GH¢1.9 billion.
The proposed dividend, announced at the Bank’s 31st Annual General Meeting (AGM), amounts to a total payout of GH¢265 million, pending final approval from the Bank of Ghana.
GCB’s robust performance was underpinned by an 18.3% growth in total earnings, driven by a 22.5% rise in non-funded income, an 18.6% increase in interest income, and an 8.41% boost in net trading income.
The Bank also recorded a 57.6% year-on-year growth in total assets, reaching GH¢42.8 billion, far exceeding the industry average growth of 33.79%.
The achievement reflects the success of its four-year transformation strategy, which focused on revenue diversification, digital modernization, improved risk management, and customer-centric service delivery.
As part of this strategic push, GCB expanded its loan portfolio by 52.8% to GH¢10.2 billion and increased total deposits by 58.5% to GH¢34.5 billion in 2024.
Shareholders’ equity also surged by 41% to GH¢4.3 billion, further solidifying the Bank’s capital base.
Highlighting its resurgence in the banking sector, GCB climbed the industry rankings to place second in key performance areas including total assets, deposits, and loans.
At the AGM, shareholders also approved a reconstitution of the GCB Board, welcoming ten new directors. The new board is chaired by Professor Joshua Alabi, appointed as an independent non-executive director. Mr. Farihan Alhassan was officially confirmed as Managing Director.
