GCB is well positioned to return value for investors – GCB MD

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GCB is well positioned to return value for investors – GCB MD

The Managing Director of GCB Bank PLC, Mr. Kofi Adomakoh, says the bank’s focus is driving revenue.

He said having laid a strong foundation and tightened risks, the Bank is well-positioned to return value for investors.

Speaking at an investors’ call last Friday, Mr. Adomakoh disclosed that credit under-writing standards have been tightened.

The engagement with investors of the bank was facilitated by Databank Financial Services Limited and IC Securities (Ghana) Limited.

Management of the bank used the opportunity to explain the policy and strategic direction of GCB and its performance.

GCB Bank posted impressive financial results, with profit before income tax increasing by 34 percent in 2021 – growing from GH¢602million in 2020 to GH¢810million last year. GCB Bank also increased its total assets from GH¢15.5billion in 2020 to GH¢18.3billion in 2021, representing a growth of 18 percent.

Management of the bank, at the end of April 2022, made an appearance on the ‘Facts Behind the Figures’ programme organised by the Ghana Stock Exchange.

Mr. Adomakoh explained that the bank’s strategic ambition is to be the dominant player in the market and the best by every measure, anchored around the three strategic pillars of revenue growth and profitability, operational excellence, people and talents.

The Deputy Managing Director of Finance-GCB Bank, Mr. Socrates Afram, explained that an integral part of the bank’s performance was driven by real growth in its deposit base.

He said GCB will embark on an aggressive deposit mobilisation drive, and that the requisite personnel and other resources have been engaged and procured to achieve this objective.

Mr. Afram reiterated that the bank will work hard to keep cost under control, saying: “GCB remains a very solid and sound bank”.

He said the bank will keep clean and positive balance sheets and improve on customer experience.

The Deputy MD in charge of Operations, Mr. Emmanuel Odartey Lamptey, announced that the bank is making inroads in the mobile money transfer business with the introduction of G-Money.

Present at the programme were the Executive Director-Wholesale and Investment Banking, Mr. Samuel Kwame Aidoo; Executive Head-Retail Banking, Mr. John Adamah; Chief Digital and Marketing-Mr. Eric Coffie; the Financial Controller, Mr. Kwasi Osei Bobie and others.

 

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