GCB Bank has posted profit before tax of GH₵317.13 million for the nine months period ending September 30, 2019.
This is an improvement over the GH₵224.99 million recorded over the same period in 2018 financial year and represents 40.9% increase.
During the period, total revenue amounted to GH₵1.13 billion, up 25.1% compared to GH¢ 903.23 million generated over the same period in 2018.
The revenue performance was driven by strong growth in earning assets and non-funded income.
As a result of the growth in earning assets, the Bank’s net interest income increased to GH₵843.31 million from GH₵671.62 million, representing a growth of 25.6%.
The net fee and commission income of the Bank soared from GH₵150.65 million in 2018 to GH₵165.45 million in 2019.
Trading income out performed prior period by 72.7% to settle at GH₵114.11 million.
3rd quarter financial statement 2019
The Bank’s total asset base increased from GH₵10.38 billion to GH₵11.27 billion, up 8.6% largely underpinned by customer deposits.
Customer deposit stood at GH₵8.79 billion, up 19.6% relative to GH₵7.35 billion for the same period in 2018.
The Bank remained solid, with strong liquidity and capital adequacy above the minimum regulatory limits.