GCB Bank PLC will pay ¢132.5 million as total dividend to shareholders for the 2021 financial year.
This follows approval by the Bank of Ghana. Shareholders would thus receive 50 pesewas per every share held as dividend.
The bank in 2021 recorded a strong growth in profit despite a harsh economic condition. Profit went by 28.5% to ¢572.28 million.
Addressing shareholders at its Annual General Meeting in Accra, Board Chairman of GCB Bank, Jude Kofi Arthur assured shareholders that the Central Bank has given approval for the dividend payment, hence disbursement will be done in August 2022.
The bank’s share price on the stock market also went up by about 29% in 2021, to ¢5.24.
The Board Chairman pointed out that shareholders deserve good dividend for their immerse support over the years.
“The bank recorded a significant growth in profitability and our capital adequacy is strong, well over the regulatory minimum prescribed by the Bank of Ghana. On the basis of this, the board recommends a dividend of ¢0.50 per share representing a 100% increase compared to 2020 and my understanding is that the Bank of Ghana has already approved it”.
“This reflects the board’s ongoing confidence in the banks strength and its future prospects” he told shareholders.
Managing Director of GCB Bank PLC, Kofi Adomakoh attributes the growth to customer satisfaction and innovations introduced by the bank.
He expressed confidence that the future is bright for the bank and therefore the bank will dominate the commercial banking industry.
The shareholders also ratify the appointment of Daniel Tweneboah Asirifi and Dr. Stephen Amoah as Non-Executive Directors of the bank.