GCB Bank PLC is investing significantly in cybersecurity and digital innovation as part of its long-term strategy to strengthen customer protection and drive operational efficiency. Managing Director Mr. Farihan Alhassan announced these initiatives at the bank’s 31st Annual General Meeting (AGM), emphasizing the bank’s ambition to become Ghana’s first fully digitized financial institution.
To safeguard customer accounts from cyber threats, the bank has bolstered its cybersecurity infrastructure and established a dedicated cyber center that provides continuous system monitoring. Additionally, GCB is engaging in customer education to promote awareness around digital safety. These efforts are part of a broader resilience strategy aimed at mitigating external threats in an increasingly digital financial ecosystem.
As part of its digital agenda, the bank has appointed a Chief Digital Officer to spearhead its transformation. The digital shift is expected to streamline operations, reduce costs, and enhance customer experience.
Strong 2024 Financial Performance
Despite economic headwinds, GCB Bank delivered an exceptional financial performance in 2024. It ranked second among its peers in deposits, loans, and total assets—a testament to the success of its four-year strategic plan focused on growth, customer-centricity, and operational strength.
The bank achieved a record profit before tax of GH¢1.9 billion, representing a 23.3% year-on-year increase. This growth was driven by diversified earnings across key income lines. Total assets surged by 57.6% to GH¢42.8 billion, significantly outpacing industry averages.
Loan advances grew by 52.8% to GH¢10.2 billion, while deposits rose by 58.5% to GH¢34.5 billion. This strong financial footing led to a 41% year-on-year increase in shareholders’ equity, reaching GH¢4.3 billion. The Capital Adequacy Ratio stood at 15.23%, well above the regulatory minimum of 13%, reflecting sound capital management.
Key profitability metrics also improved:
- Earnings Per Share (EPS): GH¢4.53
- Return on Equity (ROE): 32.4%
- Return on Assets (ROA): 3.4%
The bank also enhanced its asset quality through proactive risk management. The Non-Performing Loans (NPL) ratio declined by 5.1 percentage points, closing at 15.1% in 2024.
Governance and Dividend Resumption
At the AGM, ten new directors were appointed to the board. Professor Joshua Alabi was named Independent Non-Executive Director and Chairman of the Board, with Mr. Farihan Alhassan retaining his position as Managing Director.
The board proposed a dividend of GH¢1.00 per share for 2024, totaling GH¢265 million, subject to approval by the Bank of Ghana. If approved, this would mark a return to dividend payments after a two-year pause due to the impacts of the Domestic Debt Exchange Programme (DDEP), offering shareholders a 15.7% yield.
Commitment to Social Impact
GCB invested GH¢12 million in Corporate Social Responsibility (CSR) initiatives during the year. The funds supported projects across education, healthcare, sports, and social inclusion. Highlights included:
- Support for the KNUST Career Services Center
- Textbook donations to schools
- Funding for eye surgeries and breast cancer treatments
- Contributions to schools for the blind and children’s homes
Looking Ahead: 2025–2028 Strategy
As the bank transitions into its next strategic cycle (2025–2028), it will focus on three core pillars: Customer Experience, Digital Transformation, and People & Talent Development. These areas are expected to drive sustainable growth, enhance competitiveness, and position GCB as a digital leader in Ghana’s financial sector.
Mr. Alhassan praised the bank’s 2024 achievements, noting the strong nominal performance, while also highlighting the need to improve cost efficiency. Professor Alabi underscored the board’s commitment to building on the bank’s successes by advancing digital solutions and strengthening customer engagement.
