Image

GCB Records Gh¢317.13 Million Profit

GCB Bank has announced a profit before tax of GH¢317.13 million for the nine months period ending September 30, 2019.
This is an improvement compared to the GH¢224.99 million recorded over the same period in 2018 financial year and represents 40.9 per cent increase.
According to the bank report,during the period, total revenue amounted to GH¢1.13 billion, up 25.1 per cent compared to GH¢ 903.23 million generated over the same period in 2018.
The revenue performance was driven by strong growth in earning assets and non-funded income.
As a result of the growth in earning assets, the Bank’s net interest income increased to GH¢843.31 million from GH¢671.62 million, representing a growth of 25.6 per cent.
It further revealed that the net fee and commission income of the bank soared from GH¢150.65 million in 2018 to GH¢165.45 million in 2019.
Trading income out performed prior period by 72.7 per cent to settle at GH¢ 114.11 million.
The bank’s total asset based increased from GH¢10.38 billion to GH¢11.27 billion, up 8.6 per cent largely underpinned by customer deposits.
Customer deposit stood at GH¢ 8.79 billion, up 19.6 per cent relative to GH¢7.35 billion for the same period in 2018.
The bank remained solid, with strong liquidity and capital adequacy above the minimum regulatory limits

Related Posts

Kenya Power’s Kalungu-Uvyu reflects on lessons from leading 11,000 employees

For Cecilia Kalungu-Uvyu, General Manager of Human Resources and Administration at Kenya Power, leading an organization of 11,000…

ZB Bank Appoints Arthur Matsaudza as new CEO

The Board of Directors of ZB Bank has announced the appointment of Arthur Matsaudza as the bank’s new…

Afreximbank deepens support for Uganda’s new growth ambitions

The African Export-Import Bank (Afreximbank) is strengthening its partnership with Uganda as the country advances its Tenfold Growth…

Absa promotes Nivash Sewgobind to Head of Performance Analytics

Nivash Sewgobind has been promoted to Head of Performance Analytics & Business Partnering at Absa Group, marking a…

Leave a Reply

Your email address will not be published. Required fields are marked *