GCB pays GH¢10m dividend to government

Simon Dornoo - MD of GCB
Simon Dornoo – MD of GCB

GCB Bank Limited on Tuesday presented a cheque for more than GH¢10 million as dividend to government.

The amount represents the final dividend of GH¢7.92 million for 2012 and an interim dividend of GH¢2.26 million on 2013 accounts.

Mr Simon Dornoo, Managing Director of GCB Bank Limited, said the payment of the dividend to government was as a result of the bank’s steady improved performance.

Mr Ato Forson, Deputy Minister of Finance, who received the cheques on behalf of government, commended the board and management of the Bank for the impressive gains despite slow economic growth being experienced in the global environment.

He congratulated the Bank for the consistency and steady increase in the dividend payment to its shareholders, including government, over the past two years.

The Minister said dividend paid by the Bank on the 2012 account increased by 100 per cent compared to what was paid in respect to the 2011 account.

“GCB Bank for the periods 2011-2013 has paid dividend in the sum of GH¢ 13.0 million to government for its 21.36 per cent shares in the Bank,” he added.

He said the Bank has posted a number of impressive results, in 2012 the Bank’s total income grew by 45 per cent from GH¢ 289 million in 2011 to GH¢ 418 million in 2012.

Mr Forson said the Bank’s profit before tax also increased by 520 per cent from GH¢31.1 million in 2011 to GH¢192.9 million in 2012 while profit after tax increased further by 695 per cent from GH¢ 18 million in 2011 to GH¢143 million in 2012.

Source: GNA

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