GCB Archives - Wontumi Online

27 Aug

GCB’s Profit Before Tax Hits GH₵700m In First Half Of 2024

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GCB Bank recorded strong profit growth in the first half of 2024 (1H 2024) compared to the same period in 2023. This strong performance was primarily driven by a significant increase in customer deposits year-to-date (YTD), coupled with dedicated efforts at optimizing operational efficiency. The 1H 2024 financial performance results from the Bank’s strategic shift to a strong focus on sales, transaction banking and a customer-centric approach. Profit Before Tax for the period increased by 35 per cent year-on-year (y/y) to GHS 700.3 million, driven by growth in interest income and supported by a 21 per cent year-to-date increase in…

25 Mar

GCB, Absa, OmniBSIC Offer Cheapest Loans To Households, SMEs And Corporates – BoG

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GCB Bank offered the cheapest loans to household consumers, the latest Annualized Percentage Rates by the Bank of Ghana has revealed. It offered a rate of 27.71% and 27.21% to clients for a period of one year and three years. Stanbic Bank (50.92%) and Bank of Africa (43.83%), however, charged the expensive rates for a tenor of one and three years respectively. For a duration of five years, Fidelity Bank offered the lowest interest rate of 26.64% on loans to customers. It was followed by GCB Bank with a lending rate of 27.04%. Similarly, Absa Bank offered the lowest loans…

03 Aug

GCB To Raise GH¢1 Billion From Capital Market

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The Managing Director-GCB Bank PLC, Kofi Adomakoh, has announced that the bank is planning to raise GH¢1billion from the capital market to bolster its capital, following the approval of its shareholders. The move, he explains, is necessitated by the Domestic Debt Exchange Programme (DDEP) that eroded the state-owned lenders’ capital. Speaking during the bank’s 70th-anniversary launch in Accra, he emphasised that this capital injection will enable GCB to maintain its commitment to supporting indigenous businesses, aligning with its mandate and ensuring effective operations. “As we reflect on the challenges Ghana has encountered over the past 70 years, GCB Bank has…

07 Dec

Moody’s Downgrades GCB Bank Due To Debt Restructuring

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Ghana’s second biggest bank, GCB Bank, has been downgraded by international rating agency, Moody’s. This is the second time in two years that Moody’s has downgraded the indigenous bank. The bank’s deposit ratings reflect the expected losses that depositors will incur following the sovereign debt restructuring. GCB Bank’s long-term local currency deposit rating was downgraded to Caa3 from Caa2 and is one notch higher than the bank’s Ca long-term foreign currency deposit rating. Again, its long-term foreign currency deposit ratings have also been downgraded from Ca to Caa2, its long-term Counterparty Risk Ratings (CRRs) to Caa3 from Caa2 and its long-term…