4 New Members Join Board of GCB Bank

Four additional members have been sworn onto the Board of GCB Bank Limited as directors.

They are Mr  Samuel Amankwah, Chief Operating Officer (COO), Mr. Francis Arthur-Collins, Mr Ray Ankrah and Mr Osman Ayuba.

This brings to ten the number of directors appointed to the Board of the Bank.

In June this year, Mr. Nik Amarteifio, Mr. Richard Oppong and Nana Saara III, Queen-Mother of Denkyira became Board Members

It will be recalled that Mr. Jude Arthur, an accomplished banker was recently appointed Board Chairman of the Bank together with Mrs. Lydia Essah and Mr. Anselm Ray Sowah, the Managing Director.

Mr Amankwah replaces Mr Samuel Sarpong, who retired from the service of the Bank in May this year as COO and Executive member of the Board of the Bank.

GCB takes over UT, Capital Banks

GCB bank recently took over Capital Bank and UT Bank after the Bank of Ghana revoked the licenses of the two banks.

GCB bank has since commenced activities to fully incorporate the activities of the banks into its operations.

GCB’s financial performance

In May 2017, GCB Bank posted a 22 percent rise in profit in 2016 compared to the profit recorded in 2015.

The bank’s profit for the period increased from 244.7 million cedis to 299 million cedis between 2015 and 2016.

The rise in GCB Bank’s profits for 2016 comes after recording a drop the previous year.

In 2015, the bank’s profits declined by 10 percent to 255 million cedis; from 282 million cedis it recorded in 2014.

Also, the bank’s income amounted to 1 billion cedis in 2016 from 867.2 million cedis in 2015.

Of this amount, income earned from interests on customer loans and other investments amounted to 884 million cedis in 2016, up from the 731.4 million cedis the previous year.

In addition, income earned from charges on services such as ATM cards and cheque clearance, amounted to 141.8 million cedis from the 108.1 million cedis recorded in 2015.

Meanwhile GCB Bank’s provisions for loans and advances gone bad in 2016 was about four times less than the provision made in 2015.

The provisions were 93.4 and 26.5 million cedis for 2016 and 2015 respectively.

The bank’s assets or properties that it can lay claim to increased from 4.64 to 6.04 billion cedis.

This was driven largely by investments in some securities on which interest earned went up by 29 percent between 2015 and 2016.

Similarly, GCB Bank’s liabilities or responsibility to customers and staff, amounted to 5.03 billion cedis.

This was largely driven by customer deposits which increased by 27 percent; from 3.36 billion cedis to 4.27 billion cedis between 2015 and 2016.

Source: Citibusinessnews