- first post-DDEP dividend
- with share price up 16.2% YtD
GCB Bank – the largest indigenous financial institution by assets and branch network – saw a 23.2 percent year-on-year (YoY) increase in profit before tax to GH¢1.91billion for the year ended December 31, 2024.
Net profit climbed 18.9 percent to GH¢1.21billion while total assets surged to GH¢42.8billion, a 58 percent increase over the previous year.
Consequently and in accordance with its fiduciary responsibilities, the Board proposed a final dividend distribution of GH¢1 per share – its first since the Domestic Debt Exchange Programme (DDEP) – pending regulatory approval, following shareholder ratification at its 31st Annual General Meeting (AGM).
If approved, this would amount to GH¢265million for the year in review with a dividend yield of 15.7 percent.
These results reflect successful execution of a four-year strategic plan that concluded in 2024, centred on revenue growth, operational resilience and digital transformation, Board Chairman Professor Joshua Alabi said at the event.
The bank’s lending activities expanded significantly, with loans and advances increasing by 52.9 percent to GH¢10.23billion. Customer deposits rose in tandem – reaching GH¢34.1billion, up from GH¢21.6billion in 2023.
Prof. Alabi stated that these financial results affirm the bank’s strategic direction: “This success is the result of our relentless focus on revenue growth, operational excellence and talent development.
“We navigated a complex operating environment with discipline and strategic clarity, delivering strong shareholder returns and expanding our balance sheet by 58 percent,” he added.
Earnings per share rose from GH¢3.75 to GH¢4.56 in the year under review. Despite this, return on equity declined to 32.4 percent from 39.8 percent in 2023 while return on assets fell to 3.4 percent from 4.2 percent, primarily due to the expanded asset base. The capital adequacy ratio remained robust at 17.5 percent, well above the regulatory threshold of 13 percent.
Farihan Alhassan, who assumed the role of Managing Director in January 2025, credited the outgoing strategy for laying a strong foundation.
“The resilience of our operations and strength of our people have been instrumental in our performance,” he remarked.
“We have demonstrated the capacity to grow sustainably by improving lending operations, enhancing fee-based income and streamlining our cost structure,” he further stated.
The 2024 financial year coincided with a macroeconomic recovery in Ghana with Gross Domestic Product (GDP) growth reaching 5.7 percent, up from 3.1 percent in 2023.
In tandem with its financial performance, GCB Bank significantly advanced its environmental, social and governance (ESG) agenda, positioning sustainability as a key pillar of its long-term strategy. The bank’s 2024 ESG report, released in April 2025, outlines a structured transformation from ad hoc CSR activities to a formal sustainability framework aligned with international best practices.
“Our strategy to dominate cannot be achieved without a collaborative effort toward sustainability. We acknowledge the interdependencies between our financial success and the well-being of societies within which we operate. This is the commitment we are making to our stakeholders – to build a sustainable bank, one with an utmost sense of responsibility to the environment and people we serve,” Mr. Alhassan explained.
Among initiatives detailed in the report is the rollout of clean energy projects, including the migration of two branches to 100 percent solar power and plans of converting the head office and 20 additional branches in 2025.
On the social front, the bank has committed over GH¢12million to corporate social responsibility programmes in healthcare, education, culture and sports. Its ongoing partnership with UNDP under the Timbuktu Agri-Tech initiative aims to enhance financial inclusion for cashew and cocoa farmers with a Pan-African innovation hub in Ghana.
Employee well-being also featured prominently in 2024. The bank invested GH¢30.7million in training and development – nearly double the previous year – averaging 22 training hours per employee, with a target of 30 hours in 2025.
The bank’s gender empowerment programmes continue to evolve. Fourteen high-potential women participated in the Female Future Programme of 2024.
At the governance level, GCB has instituted a multi-tier ESG oversight structure. The Board Risk Committee oversees ESG implementation while the Chief Risk Officer manages ESG risks and reports to the Board through the Managing Director. A dedicated ESG Working Committee and ESG Unit support operational execution and alignment with international standards such as the UN Global Compact, the Equator Principles and Principles for Responsible Banking.
Investors have responded positively to the bank’s results as its share price has appreciated by 16.2 percent since beginning of the year. It was trading at GH¢7.4 at the beginning of May 2025. The stock’s price increased 76.2 percent from the comparable period last year and 20.3 percent over the last six months.
