GCB Bank PLC has concluded its 31st Annual General Meeting (AGM) with a strong declaration of financial resilience and strategic growth, underscoring its continued ambition to reclaim leadership in Ghana’s banking sector.
The meeting, held in Accra on Friday, May 2, marked the closure of the 2024 financial year and highlighted key achievements, including a proposed dividend of Gh₵ 1.00 per share, subject to the approval of the Bank of Ghana.
The AGM offered shareholders insight into GCB’s remarkable financial performance during a year marked by economic headwinds and market volatility.
The bank reported a record profit before tax (PBT) of Gh₵ 1.9 billion—an impressive 23.3% year-on-year increase.
Total assets surged by 57.6% to Gh₵ 42.8 billion, far outpacing the industry’s 33.79% growth rate. GCB also saw significant expansion in its loan book and deposit base, which grew by 52.8% and 58.5% respectively.
Addressing shareholders, Managing Director Mr Farihan Alhassan described the 2024 performance as the best in the Bank’s history in nominal terms, attributing it to disciplined execution of strategy, robust risk management, and diversified revenue streams.
He noted, however, the need to pursue cost optimisation as the Bank enters its new strategic cycle.
New strategic direction and Board appointments
As GCB transitions into its 2025–2028 strategic phase, the Bank outlined its renewed focus on three core pillars: Customer Experience, Digital Transformation, and People & Talent.
The new strategy aims to deepen customer engagement through personalisation, enhance operational efficiency via digital solutions, and strengthen internal capacity.
The AGM also approved the appointment of ten new directors to a reconstituted Board, led by Professor Joshua Alabi, who assumes the role of Independent Non-Executive Director and Board Chairman.
Mr Farihan Alhassan was officially affirmed as Managing Director. Other appointments include Dr Alhaji Yahaya Abdul-Rahman, Mrs Pamela Seyram Addo, Mr Frederick Amissah, and Mr John Colin Villars as Non-Executive Directors, as well as four Independent Non-Executive Directors: Mr Alexander Agambilla Awine, Dr Nana Amma Adjovu, Dr Nene Adams Kortey Asafotei, and Dr Abdulai Alhassan.
Professor Alabi lauded the Bank’s progress and reaffirmed the Board’s commitment to accelerating digitalisation, improving customer service, and expanding market share through strategic investments.
Dividend resumption and capital strength
The Board’s recommendation of a Gh₵ 1 dividend per share—amounting to Gh₵ 265 million—marks the resumption of dividend payments following a two-year pause due to the domestic debt exchange programme.
If approved, this would yield 15.7% for shareholders and reflect the Bank’s solid capital footing.
GCB’s shareholders’ equity rose by 41% year-on-year to Gh₵ 4.3 billion, bolstering the Bank’s Capital Adequacy Ratio to 15.23%, above the regulatory minimum of 13%.
The Bank also posted an earnings per share (EPS) of Gh₵ 4.53, with a return on equity (RoE) of 32.4% and a return on assets (RoA) of 3.4%.
Improved asset quality was also noted, with the non-performing loan (NPL) ratio dropping to 15.1%, a 5.1 percentage point decline from the previous year, thanks to proactive risk management and a strengthened risk culture.
Commitment to social impact
In 2024, GCB Bank invested over Gh₵12 million in Corporate Social Responsibility (CSR) initiatives focused on education, healthcare, social inclusion, and entrepreneurship.
Notable efforts included textbook donations to schools, support for life-saving surgeries, and partnerships with institutions such as the Akropong School for the Blind and the Osu Children’s Home.
Looking ahead
With its new strategy and refreshed leadership, GCB Bank PLC assured the public that the bank is well-positioned to consolidate gains, scale innovation, and deliver sustainable returns.
In media interaction after the meeting, management expressed profound appreciation to shareholders, customers, and staff for their unwavering trust and support.
“Our 2024 performance affirms GCB’s position as a resilient, forward-looking institution. We are entering this new chapter with confidence and clarity of purpose,” said Mr Alhassan.
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