We are making huge investments in cybersecurity systems to protect customers – GCB Bank MD

GCB Bank is making huge investments in cybersecurity systems to safeguard and protect customers’ accounts from intruder attacks, the Managing Director, Mr Farihan Alhassan, has said.

Speaking at the Bank’s 31st Annual General Meeting, the MD said the bank was also undertaking customers’ education to create the necessary awareness to enhance protection.

“We are educating customers as well. We have a cyber centre where every second we are monitoring the system to be sure that we don’t have intruders into the system. So there is a lot of investment going into our system to make sure that we are resilient to any shortcomings externally,” he said.

He said the bank was also working to become the first fully digitized bank in the country, adding that in that connection a Chief Digital Officer had been brought on with the key mandate of ensuring that the company becomes a fully digitized one.

He said the move towards digitalisation would help cut down operational cost.

GCB Bank PLC delivered another year of outstanding performance, demonstrating resilience and strategic growth amidst a challenging operating environment, climbing above some notable peers to rank second across most of the metrics of financial performance, including deposits, loans, and total assets in 2024.

At the 31st AGM approved the appointment of 10 new directors to the reconstituted GCB Board, headlined by Professor Joshua Alabi as an independent non-executive director and Board Chairman, and Mr. Farihan Alhassan as Managing Director.

The Board recommended a GHS 1 dividend per share, amounting to GH¢265 million for 2024, subject to the Bank of Ghana’s approval.

If approved, this will amount to a dividend yield of 15.7 percent for the 2024 financial year as the Bank resumes dividend payment after a two-year hiatus due to the impact of the domestic debt exchange on capital.

The GCB Group achieved a record high profit before tax (PBT) of GH¢1.9 billion, marking a 23.3 percent year-on-year increase.

The performance was driven by an 18.3 percent growth in earnings, comprising an 18.6 percent increase in interest income, a 22.5 percent increase in non-funded income, and an 8.41 percent rise in net trading income.

The Bank’s total assets grew by 57.6 percent year-on-year to GH¢42.8 billion, significantly above the industry growth rate of 33.79 percent.

The results reflect the gains made over the 4-year strategy cycle. Consequently, the Bank refocused its sales drive, diversified its revenue streams, modernized digital solutions, established a stronger risk culture, and adopted a more customer-centric approach.

As a result, GCB expanded its loan book by 52.8 percent year-on-year to GH¢10.2 billion in 2024, while total deposits grew by 58.5 percent year-on-year to GH¢34.5 billion.

The strong profit recorded for the period further strengthened the Bank’s capital position, with shareholders’ equity surging 41 percent year-on-year to GH¢4.3 billion.

The growth in equity underscores strong financial footing and demonstrates the Bank’s capacity to strengthen its capital position through internally generated funds. Consequently, the Capital Adequacy Ratio (without forbearance) stood at 15.23 percent, well above the regulatory minimum of 13 percent.

Earnings Per Share (EPS) increased to GH¢4.53 for the period, with the Bank also returning 32.4 percent on Equity (RoE), reflecting efficient capital utilisation. Return on Assets (RoA) was 3.4 percent for the period.

The Bank’s sound risk culture and proactive approach to risk management also helped improve asset quality, with the non-performing loans (NPL) ratio closing 2024 at 15.1 percent, down by 5.1 percent from the previous year.

In efforts to create socio-economic opportunities and empower the communities within which the bank operates, GCB Bank PLC invested GH¢12 million in Corporate Social 

Responsibility in 2024. The CSR activities focused on driving transformative initiatives in education, health, sports, and social inclusion.

As highlights, the Bank supported career opportuni=es at the KNUST Career Services Center, donated over 3,000 textbooks to schools, funded lifesaving treatments – including eye surgery and breast cancer treatment and championed social inclusion with donations to Akropong

School for the Blind and Osu Children’s Home and fueled entrepreneurship with the “Entrepreneurship in You” programme.

As GCB Bank transitions into a new strategic cycle (2025-2028), the bank’s new focus is to consolidate the gains and drive sustainable growth.

The new strategy will be built on three core pillars: Customer Experience, Digital Transformation, and People & Talent.

Commenting on the results, the Managing Director of GCB Bank, Mr. Farihan Alhassan, commended the Bank’s stellar performance in 2024, noting it was the best in their history in nominal terms.

Despite this success, he acknowledged the need for improved cost efficiency and assured that investments in systems, talents, and people would enhance the Bank’s operations.

Board Chairman Professor Joshua Alabi emphasized the opportunity to build on recent gains and pursue industry dominance by enhancing customer experience, leveraging digitalization, and boosting sales activities.

Source: GNA

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