Despite recording a loss of ¢568 million for the year-ending 2022, GCB Bank exhibited remarkable performance in its quarter one, 2023 financial statement.
The bank recorded ¢190.4 million profit in the first quarter of 2023, with deposit growth of over ¢2.0 billion, with some analysts describing it as an impressive recovery.
As usual, most of the income came from interest on investments and loans. It recorded net interest income of ¢632.7 million in quarter 1, 2023, as against ¢485.4 million during the same period in 2022.
For financial soundness indicator, its Capital Adequacy Ratio (CAR) in the first quarter of 2023 stood at 18.5%, from 20.9% recorded during the same period in 2022. This was far ahead of the industry average of 12%
However, Non-Performing Loan ratio rose to 20.2% at the end of March 2023, as against 19.6% in March 2022.
In 2022, the bank registered an operating income of ¢2.97 billion, from ¢2.39 billion recorded in 2021.
However, the net impairment of investment securities to the tune of ¢1.8 billion in 2022 triggered a loss on the part of the bank. This is as a result of the Domestic Debt Exchange Programme.
For the shareholders’ funds, the bank’s stated capital remained at ¢500 million in 2022, whilst retained earnings stood at ¢746.0 million, compared to ¢1.43 billion in 2021.
Since the bank recorded a loss, it is unlikely shareholders will receive dividend for the 2022 financial year.
- Leaked tape scandal: Supt. George Asare invites 3 witnesses to testify against IGP
- Radio Ada journalist on trial over publication of fake news about McDan is dead
- Kwame Dadzie: Our celebrities should stage ‘demo’ on creative arts matters too
- Tigst Assefa smashes world marathon record in Berlin, Eliud Kipchoge achieves record fifth win
- Ebenezer Owusu writes: Things are not the same anymore
- It’s difficult doing business in Ghana, 21.9% tax on hospitality businesses harsh – D-Black
- Prof. Stephen Adei partners Chirano Gold Mines to roll out Innovative Literacy Program for local communities
- Democracy comes with rights and responsibilities – Enam Akoetey chides #OccupyJulorbiHouse organisers
- Dr UN Award incredibly stupid; I can’t believe I fell for that nonsense – D-Black
- #OccupyJulorbiHouse: Police apologise to public inconvenienced during protest
- GPL Week 2: Eric Bosomtwi stunner buries Kotoko in Bibiani
- Rwanda suspends coach for Black Queens are “like men” comment after 7-0 demolition
- Must it take you 2 years to publish alleged $1m bribery audio? – Barker-Vormawor’s integrity questioned
- Cecilia Dapaah case: Asking Special Prosecutor to quit over ‘frustrations’ wrong – Domelevo
- Cecilia Dapaah case: Current Assets Declaration Law is a joke – Domelovo