Business News of 2014-03-29

GCB profit hits GHC229m

The after-tax profit margin for Ghana Commercial Bank (GCB) has reached 229 million Ghana cedis for 2013.

This represents a 60 per cent jump from the 142 per cent recorded for 2012. GCB also witnessed some strong growth in most areas of its operations as interest income reached 552 million Ghana cedis in 2013 compared to the 376 million Ghana cedis in 2012.

Deposits from customers increased from 2.3 billion Ghana cedis to 2.6 billion Ghana cedis.

GCB's total assets now stand at 3.4 billion Ghana cedis for 2013.

According to the financial statement released so far by the listed bank, GCB might be the most profitable bank in the country with the 229 million Ghana cedis profit after tax beating, Standard Chartered Bank profits of 208 million Ghana cedis, ECOBANK's profit after tax of 190 million Ghana and Barclays Bank Ghana Limited’s profit of 143 million Ghana cedis.