In a special resolution passed during the bank’s 29th Annual General Meeting, the shareholders gave their confidence to the board to raise 750 million in common equity and 250 million in preference shares.

The move will allow the bank to meet regulatory capital adequacy ratio requirements, enhance deal-making capacity and take advantage of opportunities available to the Bank while preserving its core strengths as well as strengthen access to funding markets and bolster confidence in the Bank.

It will also support targeted and prioritized  investment in digital transformation and ultimately help to drive business strategy as well as boost the bank’s Capital Adequacy Ratio (CAR) from the current 7.59% as of December 2022 to 14% by the end of the year.

Mr. Kofi Adomakoh, Managing Director of GCB, described the shareholders approval as a vote of confidence in the efforts of the board to scale the difficulties in the industry.

It is also an indication of the bank’s core strengths and commitment to executing its four-year strategy, aimed at driving revenue growth, operational excellence, and talent development.

GCB in the 2022 saw its Total Operating Revenue grew by 24 percent to GHS 3.0 billion despite facing a challenging economic environment.

This was underpinned by broad based growth across all the key revenue lines. Net interest income was up 11 percent while fees & commissions grew 7 percent.

Trading Income was phenomenal with a growth of 208 percent to end at GHS 487 million.

Operating cost went up 29 percent recording GHS 1.6 billion on account of inflationary and currency depreciation effects.

Pre-provision profit was up 22 percent to close at 1.4 billion reflecting the good progress the Bank made during the year in executing its strategy.

Profit before tax was however a loss of GHS 743.5 million owing to impairment charge of GHS 2.1 billion largely due to the impact of the Domestic Debt Exchange Programme on the Bank’s investments holding in government securities.

Despite the headwinds, GCB Bank’s total assets saw a remarkable growth, surging from GHS 18.4 billion in 2021 to GHS 21.5 billion in 2022, bolstered by customer deposits, which saw a substantial increase of 28%, reaching GHS 17.8 billion.

Total loans and advances also experienced robust expansion, growing by 27% to GHS 5.5 billion.

Commenting on GCB’s performance, Mr. Jude Arthur, Chairman of the Board of Directors, acknowledged the challenging economic backdrop.

He highlighted the bank’s strong fundamentals, significant growth potential, and competitive advantages in the marketplace. Despite the impact of the DDEP, Mr. Arthur assured stakeholders that GCB Bank remained a viable business, well-positioned for future growth and value creation.

The bank acknowledged the importance of implementing prudent cost management measures going forward.