GCB Bank PLC posts record profit; Grows total assets by 58% in 2024

GCB Bank PLC has reported record financial results for 2024, achieving a Profit Before Tax (PBT) of GHȼ1.91 billion, a 25.3% increase year-on-year.

Despite regulatory challenges, revenue grew by 19%, driven by higher interest income (19.02%), non-funded income (42.72%), and net trading income (8.41%).

The Bank's strategic shift boosted its balance sheet by 58% to GHȼ42.58 billion, outpacing industry-wide growth. Loans grew by 52.83% to GHȼ10.2 billion, while deposits surged by 58.1% to GHȼ34.63 billion. Shareholders’ equity rose by 44.72%, with a Capital Adequacy Ratio of 15.23%.

Managing Director Farihan Alhassan called 2024 a landmark year, highlighting strong investments in systems, technology, and talent to sustain growth in the next strategic cycle.