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.