GCB’s profits soar by nearly 200 percent

The Ghana Commercial Bank saw a substantial leap in its profits for last year.

The bank’s profit after tax was almost three times the previous year’s figure, from 18.8 to 56.1 million Ghana cedis.

The figures represent the bank’s best performance in a long while.

Explaining to Joy Business as to what accounted for the huge jump in profits, the Managing Director of the bank, Mr Simon Dornoo, said “we stayed focused on delivering on the various objectives we have.”

He said the performance was driven by net interest income, a combination of growth in the balance sheet and better management of the bank’s margins.

Loans the bank suspects may go bad however still remain quite high. But Mr. Dornoo explains it is not alarming as it appears.

The bank is proposing 7 pesewas as dividend for every share held by an investor in the bank on the back of the performance.

Source: Joy Business/Ghana