GCB Bank makes a profit of over $15million in Q1 of 2020

GCB Bank in the first quarter of 2020 recorded a profit after tax of GHC92.4million ($15,862,068.68).

This according to the bank’s published financial results represents a 40% growth.

From January to March 2020, GCB’s profit before tax went up by about 34% to record GHC122.4 million.

The bank’s total tax liabilities reached GHC30million.

The income streams for the bank were improvement in interest income such as charges on deposits into cheque accounts as well as certificate of deposit.

Meanwhile, GCB Bank’s total assets increased to GHC12.67billion for the first quarter of the year. The increase was by GHC1.84billion. The bank’s total assets are items they can lay claim to.

The increase was mainly due to the increase in loans and advances, investment in securities and cash and cash equivalent.

The highest component of the bank’s assets was investment securities which reached GHC5.95billion in the period under review compared to the GHC4.88 billion recorded in the first quarter of 2019.

This was followed by loans, advances, cash, and cash equivalent which recorded GHC3.44 and GHC1.78 billion respectively.

The total liabilities of GCB Bank reached GHC10.93 billion.

A greater proportion was deposits from customers with a share of GHC9.56 billion and other liabilities and provisions amounting to GHC448.3million.

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