Ghana Commercial Bank Limited (GCB) has posted yet another outstanding performance with a profit after tax of GH¢132million for the third quarter of this year.
This represents an increase of GH¢44.4million or 66.4 per cent against GH¢87,605 million recorded for the same period last year.
The Bank realized GH¢183,682 million in profit out of which GH¢51,717 million went into taxes which comprised GH¢3,066 million as National Fiscal Stabilization Levy and tax of GH¢48,713 million.
GCB recorded a strong performance in other indicators boosting the confidence of stakeholders in the prospects and future of the Bank.
Net income was a whopping GH¢398,549million during the period as against GH¢276,942 million in 2012.
The prudent management of the Bank's loan portfolio, has seen Impairment provisions on loans and advances in a consistent decline to GHC4,777 million in September 2013 as against GHC10,308million recorded for the third quarter of last year.
With this impressive Q3 performance coupled with the winning of several prestigious awards, GCB stocks are likely to enjoy strong gains in the final quarter of the year. Buoyed by hopes for continued strong performance and a rebound in the economy, investors may bid up stocks because of the increasing profit growth of the Bank.
GCB has has received three awards between the months of September and October this year. These are the Best Bank 2012 from the Chartered Institute of Marketing Ghana (CIMG), while GCB and its Managing Director, Mr Simon Dornoo, emerged winners of the 2013 Africa investor (Ai) Index Series Awards held at the New York Stock Exchange on September 24 this year.
While GCB as a corporate entity was adjudged the 'Best Performing (Ai 100) Company', 2013 in Africa, the Managing Director, Mr. Simon Dornoo was recognized as the 'Ai100 Chief Executive Officer (CEO) of the Year'.
These feats chalked by GCB coincide with the Bank's celebration of 60 years of banking excellence in Ghana.