GCB Bank recorded profit after tax of 92.4 million cedis for the first quarter of 2020; representing a growth of 40%.

This was contained in the bank’s published financial results for the period.

For the period spanning January to March 2020, GCB Bank’s profit before tax increased by about 34% to record 122.4 million cedis.

The bank’s total tax liabilities reached 30 million cedis.

The income streams for the bank were improvement in interest income such as charges on deposits into cheque accounts as well as certificate of deposit.

Meanwhile, GCB Bank’s total assets which are those items that the bank can lay claim to, increased by 1.84 billion cedis to record 12.67 billion cedis for the first three months of 2020.

This was triggered primarily by increases in loans and advances, investment in securities and cash and cash equivalent.

The highest component of the bank’s assets was investment securities which reached 5.95 billion cedis in the first quarter of 2020, compared to the 4.88 billion cedis recorded in the same period of 2019.

It was followed by loans and advances and cash and cash equivalent which recorded 3.44 and 1.78 billion cedis respectively.

Also, total liabilities of GCB Bank amounted to 10.93 billion cedis; with deposits from customers having a greater share of 9.56 billion cedis and other liabilities and provisions amounting to 448.3 million cedis.

Source: Citibusinessnews.com