Business News of Thu, 31 May 201810
GCB Bank’s profit drops by 29% in 2017
The bank’s profit declined from 299 million cedis to an estimated 213 million cedis between 2016 and 2017.
Meanwhile for the first three months of this year, GCB Bank’s financial report shows another drop in profits.
The financial statement released by GCB Bank shows that even though revenue went up by 50.6 million cedis, the bank witnessed an increase in expenditure which impacted on the profits for the period.
For instance impairment charges on loans and advances (49.9 million cedis), personnel expenses (362.8 million cedis), depreciation and amortization (57.7 million cedis) as well as other operating expenses (336.3 million cedis), all recorded increases for the period.
As a result, the profit after tax and other deductions, amounted to 213 million cedis.
In 2017, GCB Bank paid dividends of 100.7 million cedis compared to the 87.45 million cedis paid in 2016.
Again, the bank’s stated capital which refers to the bank’s ability to absorb losses in cases of liquidation, still remained at 100 million cedis.
Absorption of UT, Capital banks delays publication of financial statements
The delayed financial report for 2017 has been instigated by the absorption of UT and Capital Banks by GCB Bank in August 2017.
The bank had requested an extension to May ending to complete the compilation of the documents.
GCB Bank’s profits, revenue drop in 2018 Q1
Meanwhile between January and March this year, GCB Bank recorded a drop in both income and profit.
For the three months period, the bank’s income dropped by 10.3 million cedis representing 3.83%.
While profit for the period also dropped by 26 million cedis representing 41.54%.