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

Wontumi1BusinessBoG, GCB, SMEs

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…

01 Jun

GCB, AFD Sign Two Credit Agreements To Promote Renewable Energy Projects

wontumionline.comBusinessAFD Sign Two Credit Agreements To Promote Renewable Energy Projects, GCB

GCB, AFD Sign Two Credit Agreements To Promote Renewable Energy Projects GCB Bank PLC has signed US$13.7million credit facility and one million euro grant financing agreements to support local businesses toward the development of energy efficiency and renewable energy projects The agreements and projects are part of the Sustainable Use of Natural Resources and Energy Finance (SUNREF) Ghana, aimed at promoting investment in sustainable energy and environmental protection among private sector players in developing economies. Under the agreement, GCB and SUNREF will continue offering competitive loans and technical assistance for structuring green investment to companies, organisations, individuals and households. The…

30 May

GCB, AFD Sign Two Credit Agreements To Promote Renewable Energy Projects

wontumionline.comBusinessAFD Sign Two Credit Agreements To Promote Renewable Energy Projects, GCB

GCB, AFD Sign Two Credit Agreements To Promote Renewable Energy Projects GCB Bank PLC has signed US$13.7million credit facility and one million euro grant financing agreements to support local businesses toward the development of energy efficiency and renewable energy projects. The agreements and projects are part of the Sustainable Use of Natural Resources and Energy Finance (SUNREF) Ghana, aimed at promoting investment in sustainable energy and environmental protection among private sector players in developing economies. Under the agreement, GCB and SUNREF will continue offering competitive loans and technical assistance for structuring green investment to companies, organisations, individuals and households. The…

30 Oct

GCB earnings inch up 25% in third-quarter 2020

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Ghana’s second largest bank, GCB Bank posted a profit of 25% for the third quarter of this year. According to its unaudited third quarter results, earnings reached GHS278 million in the nine months of this year. The strong growth in income resulted in an earnings per share of GHS1.40. If not for a high provision for bad debt made, the bank will have recorded a very high income. It appears GCB Bank was not impacted heavily by covid-19 pandemic because all its income lines grew. The balance sheet size stood a little above GHS27 billion with customer deposits growing by…