GCB Bank Plc saw a notable 57.1% year-on-year increase in its total assets value in the third quarter of 2024, with the asset base rising from GH¢25.1 billion in Q3 2023 to GH¢39.4 billion.
This growth translates to a GH¢14.3 billion increase, driven by a significant 223% surge in cash and cash equivalents to GH¢14.1 billion.
Additionally, the bank’s investment securities rose by 6.2% to GH¢4.3 billion, while loans and advances to customers climbed by 63.1% to GH¢10.2 billion.
Liabilities of the bank also saw substantial growth, increasing by 58.4% to reach GH¢36 billion as of the end of Q3 2024, compared to GH¢22.7 billion in Q3 2023.
In terms of profitability, GCB recorded a profit-after-tax of GGH¢613 million, a 13.8% rise over the GH¢538 million reported in the same period last year.
The bank’s Capital Adequacy Ratio (CAR) stood at 16% at the end of Q3 2024 down slightly from 17% in Q3 2023, with the bank’s CAR still well above the Central Bank’s 13% CAR regulatory requirements.
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GCB’s non-performing loan (NPL) ratio within the review period saw a marked improvement dropping from 20.3% to 15.5%, reflecting the bank’s successful loan recovery efforts.
To significantly reduce its NPLs, GCB will have to strengthen further its loan recovery mechanisms going forward.