It’s been another year of outstanding performance, demonstrating resilience and strategic growth amidst a challenging operating environment. The 2024 audited financial results show Ghana’s premier indigenous bank posted a record profit for the year. As a testament to progress in its strategy to unrivaled dominance, GCB achieved a remarkable milestone by surpassing several esteemed competitors and securing the second position across a comprehensive set of financial performance metrics, including deposits, loans, and total assets in the year 2024. These numbers came to the fore at the 31st Annual General Meeting (AGM) held on Friday, May 2, 2025, at the Accra International Conference Centre.
Appointment of Directors to the Reconstituted GCB Board: The 31st AGM approved the appointment of ten (10) new directors to the re-constituted GCB Board, headlined by Professor Joshua Alabi as an independent non-executive director and Board Chairman, and Mr. Farihan Alhassan as Managing Director. The Shareholders also approved Dr. Alhaji Yahaya Abdul-Rahman, Mrs. Pamela Seyram Addo, Mr. Frederick Amissah, and Mr. John Colin Villars as Non-Executive Directors. Further, shareholders approved Mr. Alexander Agambilla Awine, Dr. Nana Amma Adjovu, Dr. Nene Adams Kortey Asafotei, and Dr. Abdulai Alhassan as Independent Non-Executive Directors.
Dividend for the 2024 Financial Year: The Board recommended a GHS 1 dividend per share, amounting to GHS 265 million for the financial year ended 31st December 2024, subject to the Bank of Ghana’s approval. If approved, this will amount to a dividend yield of 15.7 percent for the 2024 financial year as the bank resumes dividend payment after a two-year hiatus due to the impact of the domestic debt exchange on capital.
Summary of Financial Results: The GCB Group achieved a record high profit before tax (PBT) of GHS 1.9 billion, marking a 23.3 percent year-on-year increase. This performance was driven by an 18.3 percent growth in earnings, comprising an 18.6 percent increase in interest income, a 22.5 percent increase in non-funded income, and an 8.41 percent rise in net trading income. The Bank's total assets grew by 57.6 percent year-on-year to GHS 42.8 billion, significantly above the industry growth rate of 33.79 percent. The results reflect the gains made over the 4-year strategy cycle. Consequently, the Bank refocused its sales drive, diversified its revenue streams, modernized digital solutions, established a stronger risk culture, and adopted a more customer-centric approach. As a result, GCB expanded its loan book by 52.8 percent year-on-year to GHS 10.2 billion in 2024, while total deposits grew by 58.5 percent year-on-year to GHS 34.5 billion.
Improved Asset Quality and Capital Position: The strong profit recorded for the period further strengthened the Bank’s capital position, with shareholders' equity surging 41 percent year-on-year to GHS 4.3 billion. This growth in equity underscores our strong financial footing and demonstrates the Bank's capacity to strengthen its capital position through internally generated funds. Consequently, the Capital Adequacy Ratio (without forbearance) stood at 15.23 percent, well above the regulatory minimum of 13 percent. Earnings Per Share (EPS) increased to GHS 4.53 for the period, with the Bank also returning 32.4 percent on Equity (RoE), reflecting efficient capital utilization. Return on Assets (ROA) was 3.4 percent for the period. The Bank's sound risk culture and proactive approach to risk management also helped improve asset quality, with the non-performing loans (NPL) ratio closing 2024 at 15.1 percent, down by 5.1 percent from the previous year.
Corporate Social Responsibility (CSR): GCB Bank PLC invested GHS12 million in 2024. The CSR activities focused on driving transformative initiatives in education, health, sports, and social inclusion. As highlights, the Bank supported career opportunities at the KNUST Career Services Center, donated over 3,000 textbooks to schools, funded lifesaving treatments - including eye surgery and breast cancer treatment and championed social inclusion with donations to Akropong School for the Blind and Osu Children’s Home and fueled entrepreneurship with the "Entrepreneurship in You" program.
Strategic Focus for 2025 and Beyond: As GCB Bank embarks on a new strategic cycle spanning from 2025 to 2028, its primary objective is to consolidate the achieved gains and foster sustainable growth. The new strategy will be built on three core pillars: Customer Experience, Digital Transformation, and People & Talent. The bank aims to enhance customer experience through hyper-personalization and advanced digital transformation to streamline operations.
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Commenting on the results, the Managing Director of GCB Bank, Mr. Farihan Alhassan, commended the Bank's stellar performance in 2024, noting it was the best in their history in nominal terms. Despite this success, he acknowledged the need for improved cost efficiency and assured that investments in systems, talents, and people would enhance the Bank's operations. Board Chairman, Professor Joshua Alabi emphasized the opportunity to build on recent gains and pursue industry dominance by enhancing customer experience, leveraging digitalization, and boosting sales activities. He believes this strategic approach will lead to long-term successes and growth.
GCB Bank's performance in 2024 underscores its resilience and strategic foresight in navigating a challenging economic landscape. The Bank is well-positioned for sustained profitability and growth, with a renewed focus on customer-centricity, digital innovation, and sustainability. GCB Bank expresses its gratitude to its shareholders, customers, and employees for their continued support and commitment to making GCB Bank the leading financial institution in Ghana.