GCB Bank will give shareholders a total of GHC79.50m dividend

GCB Bank will give shareholders a total of GHC79.50m dividend

GCB Bank Limited has declared a dividend of 30 pesewas per share, making a total amount of GHC79.50 million for the 2018 fiscal year.
   
   
   
       
       
           
               
                   

GCB Bank Limited has declared a dividend of 30 pesewas per share, making a total amount of GHC79.50 million for the 2018 fiscal year.

               
           
               
                   

According to the Chairman of GCB’s Board, Jude Kofi Arthur, this amount is payable by June 17 to all shareholders who are registered with the bank.

               
           
               
                   

The 2018 fiscal year dividend is a 200% increase over the 2017 dividend, which was 10 pesewas per share.

               
           
               
                   

The increase in the dividend was attributed to the growth in the bank’s basic earnings per share which grew from 0.89 pesewas in 2017 to GHC1.23 in 2018, representing a growth of 38%.

               
           
               
                   

Addressing shareholders at its 25th annual general meeting (AGM), Mr Arthur explained that the bank’s dividend policy aims to provide shareholders with an adequate return on their investment while maintaining adequate plough back to sustain growth and shareholder value.

               
           
               
                   

He added that the bank was optimistic yet cautious at the beginning of 2018. They also decided to focus on growth opportunities as market conditions improved.

               
           
               
                   

He said the bank posted a strong financial performance which was underpinned by the disciplined execution of its strategy.

               
           
               
                   

Profit before tax increased from GHC331.98 million in 2017 to GHC450.17 million in 2018, representing a growth of 35.6%.

               
           
               
                   

Mr Arthur said the impressive profit performance was driven by solid revenue growth.

               
           
               
                   

Net interest income was also up by 8% from GHC895.31 million in 2017 to GHC967.10 million, with net trading income going up by 121% from GHC41.02 million to GHC90.64 million.

               
           
               
                   

Net fees and commission income also increased from GHC170.30 million to GHC197.60 million, representing a growth of 16%.

               
           
               
                   

He said that this financial performance put the bank among the top three most profitable banks in the country for 2018.

Source: GCB Bank will give shareholders a total of GHC79.50m dividend

- gist culled from pulseng