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GCB records 14.5% profit after tax

By Kofi Ahovi
Ghana Commercial Bank (GCB) has posted a commensurate growth in its operations during the 2008 financial year.

The bank recorded profit before tax of GH¢49.71 million in 2008 compared to GH¢46.96 million in 2007 representing a growth of 5.8%. Profit after tax was GH¢37.59 million in 2008 compared to GH¢32.87 million in 2007 representing 14.5%. Earning per share was GH¢0.142 compared to GH¢0.124 in the previous year.

Shareholders’ fund of the group also stood at GH¢207,749,124 at end of 2008 as against GH¢176,865,915 the previous year. The shareholders’ fund for the bank also increased from GH¢173,691,280 in 2007 to GH¢203,863,665 in 2008.

Shareholders of the bank have approved the payment of GH¢0.06 per share totaling GH¢15,900,000 as dividend for the year end 2008. The amount represents a pay-out ratio of 42%.

The approval was made the bank’s 15th annual general meeting for its shareholders in Accra last week.

The bank also passed special resolutions to amend regulation 16 of the Company’s Regulations to enable the bank to issue securities in uncertificated or dematerialized form, convert a certificate security into an uncertificated security, among other things with respect to the Central Depository Act, 2007 (Act 733) of the Ghana Stock Exchange.

The amendment of the regulations of listed companies in compliance of the Exchange’s request will enhance the rate at which securities are placed in the depository, make for more efficient and less cumbersome keeping of shareholding records, and ultimately improve liquidity in the capital market.

In the year under review, the bank in line with its corporate responsibility policy, made several donations to various institutions and individuals including Ghana National Trust Fund, Ghana Heart Foundation, Ghana Association of the Blind, Ghana Federation of the Disabled and University of Ghana Needy Fund etc.

The banks also received several awards during 2008; Best bank- Trade Finance, Best bank-Financial performance and Best Bank-Corporate social responsibility. The bank also won several international awards.

According to the Board Chairman, Kwabena Gyima Osei-Bonsu, the bank has and will continue to initiate programs to ensure that it is branded uniquely while offering quality products and services to satisfy the needs of customers.

The Managing Director of the bank, Lawrence Adu-Mante, hinted that the bank is upgrading its software and hardware to facilitate efficiency in its delivery services.

Shareholders and customers at the AGM expressed their dissatisfaction over the bank’s services at various branches, praying the bank to improve on its delivery. They were also quick to praise the bank for its performance over the years.

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