Shareholders of GCB Bank will be enjoying GH¢100.7 million as dividend for the year ending 2016.
This follows the approval of GH¢0.38 dividend per share at the Bank’s Annual General Meeting held in Accra.
The amount represents 15 per cent growth over the GH¢0.33 rate paid in 2015 to shareholders.
Speaking at the AGM, the Board Chairman of the Bank, Mr Jude Arthur, said the recommended rate of GH¢0.38 which was approved by shareholders was in conformity with the Bank’s cash dividend practice.
The Bank recorded profit before tax of GH¢467 million with a net profit of GH¢318 million. This represented 25 per cent up from 2015 confirming the viability of GCB as a business entity.
According to the Chairman, the Bank generated a total operating income of GH¢1.1 billion in 2016 compared to GH¢863 million recorded in 2015. Total assets of the Bank grew by 30 per cent (GH¢1.4 billion) in 2016 to close at GH¢6.1 billion from GH¢4.7 billion recorded in 2015.
He said the sterling performance of the Bank for the year 2016 would be improved upon this year.
Mr Arthur said GCB spent GH¢2.8 million in 2016 on social engagement otherwise referred to as corporate social responsibility.
“We should be encouraged by the progress made in recent years and be hopeful that the Bank still remain competitive and viable,” he said.
Most shareholders at the meeting commended the Board and Management of the Bank for the impressive performance last year.