GCB posts GH¢192.8m profit

Ghana Commercial Bank (GCB) recorded a profit of GH¢192.8 million for 2012.

This represents a profit-before-tax growth of 521 percent over 2011 while profit-after-tax growth was 696 percent.

In 2011, GCB registered a profit of GH¢31.07million.

Also, profit-after-tax for 2012 was GH¢142.1 million as against GH¢17.9 million recorded in 2011.

The Managing Director of GCB, Simon Dornoo, in the first quarter of last year, said the bank would adopt a sharper performance management system in order to meet challenges ahead.

Incidentally, investors have demonstrated a lot of confidence in the bank’s stock on the Ghana Stock Exchange with share price peaking at a year high of GH¢3.10 this year.

And this is attributable to the bank’s transformation of its systems by introducing the right mix of products and services including improving customer service and conditions in its banking halls.

GCB, between 2011 and 2012, rolled out a variety of electronic banking products and services, renovated over 70 of its branches and reconfigured its electronic systems in addition to relocating some of its ATMs.

Currently, GCB offers free ATM services. While its ATMs accept cards of other banks, GCB’s various channels of service provide the various customers convenience and easy access to their funds. Other services include internet banking, SMS banking and point of sale terminals.

“GCB’s 24-hour personal loan continues to be the bank’s premier product and is well-patronized by salaried customers at all 158 branches of the bank around the country, Mr Dornoo explained.

Mr. Dornoo attributed the bank’s achievement to customers who he said “all played a part in bringing GCB this far.”