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Business News of Saturday, 2 May 2020

Source: Pulse Ghana

GCB Bank makes a profit of over $15million in Q1 of 2020

GCB Bank in the first quarter of 2020 recorded a profit after tax of GH¢92.4 million ($15,862,068.68).

This according to the bank’s published financial results represents a 40% growth.

From January to March 2020, GCB’s profit before tax went up by about 34% to record GH¢122.4 million.

The bank’s total tax liabilities reached GH¢30 million.

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

Meanwhile, GCB Bank’s total assets increased to GH¢12.67 billion for the first quarter of the year. The increase was by GH¢1.84 billion. The bank’s total assets are items they can lay claim to.

The increase was mainly due to the increase 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 GH¢5.95 billion in the period under review compared to the GH¢4.88 billion recorded in the first quarter of 2019.

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

The total liabilities of GCB Bank reached GH¢10.93 billion.

A greater proportion was deposits from customers with a share of GH¢9.56 billion and other liabilities and provisions amounting to GH¢448.3 million.

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