Kofi Adomakoh
GCB Bank PLC has announced the payment of a final dividend of GH¢ 0.50 per ordinary share, to its shareholders.
The amount to be paid for the financial period ended December 31, 2021 represents a 100 per cent increase compared to the 2020 figure of 0.25 pesewas, following the Bank of Ghana’s approval.
This was disclosed at the Bank’s 28th annual general meeting, where the Board Chairman of GCB Bank PLC, Jude Kofi Arthur, noted that the amount will be paid to shareholders on 1st August 2022.
“The Bank recorded significant growth in profitability and our capital adequacy is strong, well over the regulatory minimum prescribed by the Bank of Ghana.
On the basis of this the Board recommends a dividend of GHS 0.50 per share representing a 100 percent increase compared to 2020, subject to Bank of Ghana’s approval,: he noted.
He indicated that recommendation reflects the Board’s ongoing confidence in the Bank’s strengths and its future prospects.
“Our strong and resilient balance sheet, diversified business mix and improving profitability give us the financial strength to continue to make the right investments while also rewarding our shareholders with a steady and increasing flow of dividends,” he added.
The Bank also posted a financial performance achieving a profit before tax of GH¢831.98 million, an increase of 36.2 percent over the previous year.
Also, its profit after tax grew by 28.5 percent to hit 572.28 million after adjusting for a 5 percent levy applied on the profit before tax.
Managing Director of GCB Bank, Kofi Adomakoh indicated that the marginal growth in the profits recorded for the last year can be attributed to the challenging environment.
Other contributing factor he said were the strong cost control measures leading to an improvement in the Bank’s cost to income ratio, improvement in staff performance management system and the implementation of key elements of the Bank’s strategy.
By Jamila Akweley Okertchiri