- GCB Bank held its Annual General Meeting on Thursday, July 30, 2020, during which it approved 20p per share as dividends for shareholders
- The bank applied for permission from the Bank of Ghana following a ban on the payment of dividends
- GCB Bank realised a profit of GHc573.67 million before tax for the year 2019
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YEN.com.gh has learned that shareholders of GCB Bank will each receive 20 pesewas per share for the 2019 financial year.
The decision was approved at the bank’s Annual General Meeting (AGM) which was held on Thursday, July 30, 2020.
GCB Bank applied to the Bank of Ghana for permission to pay dividends following a directive from the Central Bank banning such a course of action.
READ ALSO: Bank of Ghana realises GHc1.8bn for 2019 but refuses to approve dividends
According GCB’s board chairman, Jude Kofi Arthur, permission was granted for the bank to do so.
The motive behind the directive was to ensure banks remain solvent and have enough funds to continue operations despite the outbreak of the coronavirus.
Per a report by the Ghana News Agency, Arthur admitted the dividend may not be big enough but the bank would subsequently ensure shareholders receive valuable returns on their investments.
The managing director of the bank, Anselm Ransford Adzete Sowah, noted that GCB Bank realised a profit of GHc573.67 million before tax compared to GHc450.17 million in 2018.
This represents a rise of 27.4%.
He explained that the progress and record financial performance of the Bank was due to strategic direction by its Board of Directors coupled with pragmatic managerial decision-making skills.
In other news, Fidelity Bank has recorded a profit of GHc322 million for the 2019/2020 financial year. This is a 33% increase compared to the GHc242 million it earned in the preceding year.
According to the board chairman, Edward Effah, the bank performed well despite the uncertainties that rocked the financial services industry in the country.
Over the course of its 2020 AGM that was conducted via a virtual platform, its shareholders received and adopted the reports of directors.
READ ALSO: Petroleum Holding Fund: Q1 results show $124 million drop in revenue compares to 2019 Q1
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