Mr. Farihan Alhassan, Managing Director, GCB Bank PLC has said that the bank is making significant investments in cybersecurity infrastructure to protect customer accounts from cyber threats.
Speaking at the Bank’s 31st Annual General Meeting (AGM), Mr. Alhassan emphasized the importance of cybersecurity in GCB’s ongoing digital transformation agenda.
“We are investing heavily in our cybersecurity systems to ensure our customers’ accounts are secure from intrusions. We have a dedicated cyber centre monitoring activity around the clock to prevent and detect breaches,” he said.
He added that the Bank is also prioritizing customer education to raise awareness and strengthen individual protection against digital threats.
GCB’s broader ambition is to become Ghana’s first fully digitized bank. To support this vision, a Chief Digital Officer has been appointed to spearhead the Bank’s digital agenda. According to Mr. Alhassan, the shift to digital banking is expected to significantly reduce operational costs over time.
However, GCB Bank reported a record-breaking financial performance in 2024, despite challenging economic conditions. The Bank ranked second in key financial indicators, including total deposits, loans, and assets.
Profit before tax rose to a historic high of GH¢1.9 billion, a 23.3% year-on-year increase.
This was driven by an 18.6% growth in interest income, a 22.5% rise in non-funded income, and an 8.4% increase in net trading income.
Further, total assets grew by 57.6% year-on-year to GH¢42.8 billion, outpacing the industry growth rate of 33.8%. The loan portfolio expanded by 52.8% to GH¢ 10.2 billion, while customer deposits surged by 58.5% to GH¢34.5 billion.
Shareholders’ equity rose by 41% to GH¢4.3 billion, boosting the Bank’s capital strength. The Capital Adequacy Ratio (without regulatory forbearance) stood at 15.23%, well above the Bank of Ghana’s minimum requirement of 13%.
Also, earnings Per Share climbed to GH¢4.53, with Return on Equity at 32.4% and Return on Assets at 3.4%, indicating strong profitability and efficient capital use.
GCB’s focus on risk management also bore fruit, with the Non-Performing Loans (NPL) ratio declining to 15.1% in 2024, down from 20.2% the previous year.
At the AGM, shareholders approved the reconstitution of the Bank’s Board, including the appointment of 10 new directors. Professor Joshua Alabi was named Board Chairman and Independent Non-Executive Director, with Mr. Farihan Alhassan confirmed as Managing Director.
The Board also proposed a dividend of GH¢1 per share, amounting to GH¢ 265 million for the 2024 financial year, marking a return to dividend payouts after a two-year pause due to the Domestic Debt Exchange. Subject to Bank of Ghana approval, the dividend represents a yield of 15.7%.
In 2024, GCB Bank invested GH¢12 million in Corporate Social Responsibility (CSR) initiatives, supporting projects in education, healthcare, sports, and social inclusion.
Highlights included textbook donations to schools, support for surgeries and cancer treatment, aid to institutions like the Akropong School for the Blind and Osu Children’s Home, and entrepreneurship training through the “Entrepreneurship in You” program.
Looking ahead, GCB is launching a new four-year strategic plan (2025–2028), centered on three pillars: Customer Experience, Digital Transformation, and People & Talent.
Commenting on the Bank’s performance, Mr. Alhassan described 2024 as GCB’s best year in nominal terms but stressed the need for greater cost efficiency.
Board Chairman Professor Alabi echoed this sentiment, calling for sustained momentum and industry leadership through customer focus, digitization, and enhanced sales.
