Credit: Kekeli K. Blamey
GCB Bank, the largest indigenous financial institution in Ghana by assets and branch network, has posted a robust 23.2 percent year-on-year (YoY) rise in profit before tax to GH¢1.91 billion for the 2024 financial year, as the bank reaps the benefits of a comprehensive four-year strategic plan centered on growth, resilience, and digital innovation.
Net profit surged 18.9 percent to GH¢1.21 billion, while total assets soared by 58 percent to GH¢42.8 billion, reflecting the institution’s aggressive expansion and operational realignment.
In line with this performance, the Board of Directors has proposed a final dividend of GH¢1 per share – the bank’s first since the Domestic Debt Exchange Programme (DDEP) – pending regulatory approval following shareholder ratification at its 31st Annual General Meeting (AGM).
If approved, the payout will amount to GH¢265 million, representing a dividend yield of 15.7 percent.
Speaking at the AGM, Board Chairman Professor Joshua Alabi credited the gains to the bank’s strategic execution. “This success is the result of our relentless focus on revenue growth, operational excellence, and talent development,” he said.
“We navigated a complex operating environment with discipline and strategic clarity, delivering strong shareholder returns and expanding our balance sheet by 58 percent.”
The bank’s lending portfolio grew significantly in 2024, with loans and advances increasing by 52.9 percent to GH¢10.23 billion. Customer deposits also rose sharply to GH¢34.1 billion, up from GH¢21.6 billion in the previous year.
Despite this, return on equity declined to 32.4 percent from 39.8 percent, and return on assets fell to 3.4 percent from 4.2 percent, largely due to the expanded asset base.
Earnings per share improved from GH¢3.75 to GH¢4.56, while the capital adequacy ratio stood firm at 17.5 percent, well above the regulatory threshold of 13 percent.
Mr Farihan Alhassan, the Managing Director commended the outgoing strategic framework for laying a firm foundation for continued growth.
“The resilience of our operations and the strength of our people have been instrumental in our performance,” he said.
“We have demonstrated the capacity to grow sustainably by improving lending operations, enhancing fee-based income, and streamlining our cost structure.”
GCB’s strong showing comes amid a broader economic rebound in Ghana, with GDP growth accelerating to 5.7 percent in 2024, up from 3.1 percent in 2023.
Beyond its financial performance, GCB Bank made significant strides in sustainability. Its 2024 Environmental, Social and Governance (ESG) report, released in April 2025, marks a pivot from ad hoc corporate social responsibility initiatives to a structured sustainability framework aligned with international best practices, including the UN Global Compact and the Equator Principles.
“Our strategy to dominate cannot be achieved without a collaborative effort toward sustainability,” Mr. Alhassan noted.
“We acknowledge the interdependencies between our financial success and the well-being of societies within which we operate.”
As part of its environmental agenda, the bank has transitioned two branches to 100 percent solar power, with plans to convert its head office and 20 additional branches in 2025. Socially, GCB committed over GH¢12 million to programs in healthcare, education, culture, and sports.
Its partnership with the UNDP under the Timbuktu Agri-Tech initiative aims to bolster financial inclusion for cashew and cocoa farmers through a Pan-African innovation hub in Ghana.
On the human capital front, GCB invested GH¢30.7 million in employee training and development – nearly double the previous year – averaging 22 training hours per employee, with a 2025 target of 30 hours.
The bank’s gender empowerment initiatives also continued to evolve, with 14 high-potential women participating in the 2024 Female Future Programme.
Governance reforms included the establishment of a multi-tier ESG oversight structure, involving the Board Risk Committee, a dedicated ESG Unit, and a new ESG Working Committee to ensure operational alignment with global standards.
Investor confidence has surged in response to GCB’s performance. As of early May 2025, the bank’s share price had climbed to GH¢7.40, representing a 16.2 percent gain since the start of the year, a 76.2 percent rise year-on-year, and a 20.3 percent increase over the last six months.
With the conclusion of its 2021–2024 strategic plan, GCB Bank is now poised to embark on a new growth phase, building on its strengthened foundation, expanded balance sheet, and deepened commitment to sustainability.
