Ghana Business Financial institution PLC has reported a outstanding monetary efficiency for the 2023 fiscal 12 months, showcasing resilience and a strong restoration following the Home Debt Change Programme (DDEP).
The financial institution posted a considerable revenue earlier than tax of GH₵547.4 million, a major turnaround from a lack of GH₵743.5 million in 2022.
Commenting on the efficiency, the Managing Director of GCB Financial institution PLC, John Kofi Adomakoh highlighted the financial institution’s best-ever revenue earlier than tax, attributing the success to the implementation of strategic initiatives and the loyalty of a rising consumer base.
“We reported our best-ever revenue earlier than tax of GHS1,547.4 million in our platinum anniversary 12 months. Our robust rebound to revenue after the hostile impact of the Home Debt Change Programme (DDEP) within the prior 12 months is a testomony to the profitable implementation of our technique and confidence and loyalty of our massive and rising consumer base.”
He mentioned that the financial institution’s give attention to enhancing buyer expertise and dedication to make a constructive affect on all stakeholders will strengthen the GCB’s aggressive benefit to ship sustainable and improved returns and market dominance.
Talking on the thirtieth Annual Common Assembly, on the Accra Worldwide Convention Heart on Thursday, June 27, Mr Adomakoh expressed optimism for the long run, emphasising the financial institution’s strategic positioning to realize sustainable and worthwhile development, leveraging its revered model and strategic partnerships.
He mentioned “As I look to the long run, I accomplish that with a way of optimism and confidence. Regardless of financial uncertainties and speedy technological disruption, GCB Financial institution is effectively positioned to advance additional its market share and viability, leveraging its core strengths and successfully executing our technique to realize superior consumer expertise, robust, sustainable and worthwhile enterprise development and operational excellence.
“We are going to proceed to leverage our revered model and strategic partnerships and make investments to capitalise on rising alternatives that can strengthen our aggressive benefits in 2024 and the years forward,” Mr Adomakoh added.
GCB Financial institution achieved robust income development throughout its enterprise segments, with complete income reaching GH₵3,784.2 million, a 26 per cent improve from the earlier interval’s income of GH₵3,005.7 million. Web Curiosity Revenue (NII) grew by 37 per cent to GH₵2,895.7 million, whereas web charges and fee revenue elevated by 14 per cent to GH₵438.2 million.
Nevertheless, web buying and selling revenue dipped 13 per cent from GH₵487.2 million in 2022 to GH₵425.1 million in 2023 as a consequence of decrease buying and selling volumes.
Working bills for the 12 months 2023 totalled GH₵1,814.7 million, reflecting an 11 per cent year-on-year improve. The impairment cost considerably decreased by 79 per cent to GH₵432.9 million, in comparison with GH₵2,074.1 million in 2022, primarily as a consequence of losses on authorities securities from the DDEP.
The financial institution’s stability sheet improved considerably, rising from GH₵21,494.4 million in 2022 to GH₵27,155.7 million in 2023, a 26 per cent improve. This development was pushed by a 23 per cent improve in buyer deposits, reaching GH₵21,781.4 million. Shareholders’ funds rose by 54 per cent to GH₵3,080.1 million.
Key monetary efficiency indicators confirmed a constructive development, with earnings per share (EPS) at GH₵3.81, a Return on Fairness (ROE) of 40 per cent, and a Return on Belongings (ROA) of 4 per cent.
The associated fee-to-income ratio improved to 48 per cent from 54 per cent, indicating efficient price optimisation. The Capital Adequacy Ratio stood at 19 per cent, surpassing the regulatory restrict of 10 per cent.
The financial institution’s 2023 efficiency displays its dedication to income development, profitability, operational excellence, and expertise growth. Vital progress was made in increasing the client base, enhancing relationship administration, and implementing focused advertising and marketing methods.
Investments in IT infrastructure and management growth applications additional supported the financial institution’s strategic aims.
GCB Financial institution additionally demonstrated its dedication to social accountability, investing GH₵6.3 million in tasks specializing in youth, the setting, schooling, and well being, benefiting thousands and thousands of Ghanaians.
The financial institution’s spectacular efficiency in 2023 has laid a stable basis for future development, evidenced by robust first-quarter 2024 outcomes.