GCB adjudged Bank of the Year in 2009

Accra. Jan. 18, GNA - Ghana Commercial Bank Limited (GCB) has been adjudged the bank of the year in 2009 at the global Bankers Awards dubbed: "Investment Banking Awards 2009," held in London, United Kingdom (UK).

GCB emerged the best bank in Ghana in the Country Awards category. A statement issued by the Public Relations Department of the GCB in Accra on Monday said the event was organised by the Banker Magazine of Financial Times (FT) Group of the UK and this was the fifth time it had won the award.

It said the organisers pointed out that, GCB posted impressive results in 2007 and 2008.

The statement said, the organisers found out that GCB launched some progressive and innovative products in 2008 including a special account for high net worth clients (Royal Banking), internet banking (Commernet Plus) and MasterCard.

"The bank improved its payments technology with the launch of SmartPay," it added. The organisers noted that the bank maintained a strong growth in all aspects of the balance sheet. Net profit grew by 14 per cent in 2008, assets continued to grow in 2008 and hit the GH¢1.6 billion (71,000 dollars) mark, up 43 per cent on 2007, while maintaining a low non-performing loan ratio of just two per cent.

The statement said the organisers lauded the GCB for opening 11 branches in 2008 and installing 50 more ATMs, adding that "this bricks and mortar approach to banking in Ghana has had a positive impact on deposits, which grew by 24 per cent in 2008". It said Mr. Sam Reynolds-Boison, Head, Credit Risk and Financial Planning of Ghana international Bank on behalf of Mr. Lawrence Adu-Mante, Managing Director of GCB received a certificate and a Bracken Award for the bank.

Commenting on the award, Mr. Adu-Mante said in future the bank would place more emphasis on customer needs, using electronic, mobile phone technology and the internet. "New business investments will be required to finance this customer promise, which will involve IT (Information Technology), delivery channel structure and refreshing culture," he added.