Ghana Commercial Bank hits GH¢192.8m profit for 2012

Ghana Commercial Bank (GCB) has made strides by hitting a profit of GH¢192.8 million to fulfill its promise of becoming Ghana’s most profitable and best performing bank for the year 2012.

This represents a profit before tax growth of 521 per cent over 2011 while profit after tax growth was 696 per cent as against what was recorded in 2011 as a profit of GH¢31.07 million. Profit after tax for 2012 was GH¢ 142.1 million as against GH¢17.9 million recorded in 2011.

This was contained in a press statement and copied to the Ghana News Agency on Saturday in Accra.

Mr Simon Dornoo, Managing Director of GCB at a media encounter in the first quarter of 2012, gave the assurance the bank would adopt a sharper performance management system in order to meet the challenges ahead. Management of GCB last year said the bank was on the verge of reclaiming its position as the most profitable bank in the country.

Mr Dornoo described their performance as “a tribute to all who played a part in bringing GCB this far” adding investors had demonstrated a lot of confidence in GCB’s stock on the Ghana Stock Exchange with share price peaking at a year high of GHC 3.10 this year.

The bank between 2011 and 2012 rolled out a variety of electronic banking products and services, where over 70 branches were renovated, some were reconfigured, others relocated and a new one reconfigured its systems.

The release said GCB was laying a strong foundation by embarking on a transformation and introducing the right mix of products and services as well as improving customer service and conditions in its banking halls.

GCB now offers free ATM services as it continues its 24 hour personal loan to be the bank’s premier product as it celebrates its 60th anniversary.

Source: GNA