GCB Bank, Ghana's largest indigenous bank, recorded a net profit of about GHS 1.2 billion for the full year 2024, with profit before tax at a record high. Profit before tax reached GHS 1.91 billion, up 25.3% year-on-year, the bank disclosed in its audited annual results released on 4 March 2025.
Total revenue grew 19%, driven by a 19.02% rise in interest income, a 42.72% increase in non-funded income and an 8.41% increase in net trading income. Asset quality also improved, with the non-performing loans ratio falling 5.1 percentage points to 15.1%.
EFFICIENCY, RETURNS AND CAPITAL
The bank acknowledged room for improvement in its efficiency metrics, as interest, fee and operating expenses rose during the year. Return on equity came in at 35.29%, while the capital adequacy ratio was 15.23% without regulatory relief. Earnings per share reached GHS 4.56.
BALANCE SHEET GROWTH
Total assets grew 58% over the course of the year, to GHS 42.58 billion, which the bank attributed to a strategic shift towards a sales-driven, customer-centric approach; deposits rose 58.1% to GHS 34.63 billion and the loan book grew 52.83% to GHS 10.2 billion.
The bank said investments in systems, people and technology had set a strong base for growth as it moves into a new strategy cycle from 2025.