Business News of 2014-05-26

GCB posts GH¢317.1m profit

Ghana Commercial Bank (GCB) Limited recorded a total income of GH¢568 million and profit before tax of GH¢317.1 million at the end of last year. This represents 64 per cent growth over the previous year.

“This was in spite of the decline of about five percentage points in rates of instruments on the money market where GCB is structurally dominant by the end of the year,” the Board Chairman of the bank, Dr Fritz A. Gockel, said at the 20th annual general meeting (AGM) of the bank in Accra.

Mandated by law to make public its report and financial statements annually, the 20th AGM brought together board of directors, auditors, shareholders, customers and the public to hear how the bank fared in 2013.

The forum was also used as an opportunity to allow shareholders and customers to ask questions that bothered them about the operations of the bank for the year under review.

Returns to shareholders

Dr Gockel said GCB remained committed to paying dividends to its shareholders as a first step of remunerating them.

“We are pleased to propose a cash dividend payment of GH¢66.25 million, (2012: GH¢37.1 million) representing a cash dividend per share of GH¢0.25, (2012: GH¢0.14), a growth of 78.6 per cent over 2012.

“This payment also represents a payout ratio of 29 per cent of profits after tax or 30 per cent of total comprehensive income of 2013,” he said.

Corporate social responsibility

The Board Chairman stated that in 2013, the bank took a distinctive approach to community support through its philosophy of “Touching lives wherever they are.”

Consequently, the bank built a five-unit classroom block with rest room, kitchenette and toilet facilities at the cost of GH¢38,000 for Fawoman, a community in the Ahafo-Ano South District in the Ashanti Region.

By that approach, he said he believed the bank was making connections with society for a long term.

Customer service approach

Briefing the media, the Managing Director of the GCB, Mr Simon Dornoo, said the bank was putting in measures to ensure improved customer servive at the bank.

He said there were a lot of complaints by customers about queuing at the banking hall, which was being resolved with pragmatic measures, saying that it had increased and doubled its Automated Teller Machine (ATM) service.

He indicated that the bank also had internet banking, as well as other services which customers could access without going to the banking hall.

Mr Dornoo stated that GCB also had a better understanding of the Ghanaian market, and was prepared to deliver the best services to consumers.

Source: graphic.com
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