GCB Bank’s records GH¢92m profit in 1st quarter of 2020

GCB Bank’s records GH¢92m profit in 1st quarter of 2020

GCB Bank has recorded a profit after tax of 92.4 million Cedis for the first quarter of 2020; representing a growth of 40%.

Under the same period, the bank’s profit before tax also increased GHc122.4 million Cedis, representing a growth of 34 per cent.

This was contained in the bank’s published financial results for the period.

The income streams for the bank were improvement in interest income such as charges on deposits into cheque accounts as well as the certificate of deposit.

The bank’s total assets, which are items that the bank can lay claim to, increased by 1.84 billion Cedis to record 12.67 billion Cedis for the first three months of 2020.

This was triggered primarily by increases in loans and advances, investment in securities and cash and cash equivalent.

The highest component of the bank’s assets was investment securities which reached 5.95 billion Cedis in the first quarter of 2020, compared to the 4.88 billion Cedis recorded in the same period of 2019.

This was followed by loans and advances, cash and cash equivalent which recorded 3.44 and 1.78 billion Cedis respectively.

In summary, GCB Bank’s total liabilities amounted to 10.93 billion Cedis, with deposits from customers having a greater share of 9.56 billion Cedis and other liabilities and provisions amounting to 448.3 million Cedis.