GCB posts GH¢317.13 million profit

GCB Bank has posted profit before tax of GH¢317.13 million for the nine months period ending September 30, 2019.

This is an improvement over the GH¢224.99 million recorded over the same period in 2018 financial year and represents 40.9 per cent increase.

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.

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.