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GCB records substantial increase in income

Accra, May 31, GNA - Ghana Commercial Bank (GCB) Limited, has recorded a substantial increase in total income of GH¢ 418 million in 2012, making it the best performing bank in Ghana.

The income represented a more than 44 per cent jump over the GH¢ 288 million recorded in 2011.

Dr Fritz A. Gockel, Board Chairman, made this known to shareholders at the banks 19th Annual General Meeting in Accra on Friday.

He said by the phenomenal rise in income, GCB emerged the most profitable bank in 2012, and added the bank would consolidate the position with the introduction of innovative strategies.

Dr Gockel said the banks performance was driven by prudent measures instituted by the board, management and staff in ensuring strong growth, effective cost control and lower provision for bad debts.

He said: The results were achieved on the back of targeted investment in revenue generating activities, effective deployment of resources and tighter management of discretionary expenditure.

Dr Gockel cited energy sector challenges and uncertainty relating to implementation of the fiscal consolidation measures in periods of pressures on utility and fuel subsidies, as some of the risk the bank faces.

Others are outstanding public sector debts payments, wages and salary negotiations and settlements, worsening balance of payments and its negative effects on the strength of the Ghana cedi.  

The Chairman, said, in spite of these challenges, the bank would remain focus by strategically positioning itself to drive respectable and sustainable returns to shareholders.

He said the bank is on a service culture transformation to renew and refresh to serve customers better, saying: At 60, GCB is retiring the service cultures that have not made it possible to serve our customers better.

On its social responsibilities, the Chairman said the bank in 2012, spent close to three million Ghana Cedis towards social responsibility programmes on festivals, health and education.

GCB was awarded Best Bank-Ghana in Global Finance Worlds Best Bank Awards, 2012.

Mr Simon Dornoo, Managing Director of GCB Bank Limited, said the corporate entity would continue to build a reputation that could be trusted and to deliver superior returns to shareholders.

He added that the bank had carved priority areas for 2013 to maintain a safe environment by diversifying revenue through focus on customer service and new product offerings.

Shareholders unanimously adopted a number of special resolutions including change of name of the bank from Ghana Commercial Bank Limited to GCB Bank Limited.

GNA
Source: GNA Story (https://ghananewsagency.org/economics/gcb-records-substantial-increase-in-income--60560)
Published: 2013-05-31 20:06:57
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