Business News of 2014-05-28

GCB to boost customer service with technology

The Managing Director of Ghana Commercial Bank (GCB) Limited, Mr Simon Dornoo, has reiterated the bank’s resolve to invest in initiatives that will boost its customer service quality.

“Customer service is a big part of our agenda, and we recognise that it is not going to be a one year issue, it is an issue we will resolve overtime. We have put in place the measures to ensure that we improve that,” he said on the sidelines of the company’s annual general meeting (AGM) in Accra.

This was after shareholders of the bank raised concerns over the quality of service rendered by some of the bank’s staff, where slow service and long queues are the order of the day.

Reacting to the concerns, Mr Dornoo, however, said “we are improving our branch network and improving the morale of staff. We are also investing in technology to make it easier for us to render services and for our clients to access services easily. It is a multifaceted approach to try and deal with the issues at hand.”

Speaking to GRAPHIC BUSINESS on how the bank would position itself to remain profitable despite the current economic challenges, Mr Dornoo said it was a general macroeconomic issue affecting the entire banking sector, adding that “our job is to identify risks and ensure that we mitigate them to continue to maintain our market position.”

Financial performance

The bank recorded a profit after tax of GH¢229 million in 2013, up by 60 per cent, compared to the previous year’s figure of GH¢143 million. Total income to the bank was GH¢568.2 million, as against GH¢418.1 million in 2012, showing an increase of 36 per cent.

Total assets increased by 14 per cent from GH¢2,981 million in 2012 to GH¢3,405 million in 2013, while shareholder’s equity also shored up from GH¢466 million in the year under review from GH¢296 million the previous year.

Dividend payment

The bank subsequently recommended a dividend of GHp21 per share for shareholders, which was endorsed but not without concerns, looking at the huge profit the bank made in 2013.

Mr Dornoo also hinted that the bank would soon launch a new brand mark and outdoor a prototype retail banking environment which would begin the process to upgrade its branch network.

GCB’s ATM network has more than doubled to 245 across the country to complement its 157 branch outlets, Internet banking and other payment solutions in the country.