GCB Bank has met with its key corporate clients as part of its normal customer-interaction activities dubbed “CEO’s Breakfast Meeting” and has taken the opportunity to engage them on how to navigate through the current challenging times in a session themed “Thriving in Uncertainty through Partnership and Collaboration”.
Moderated by the renowned Professor Noel Tagoe, the meeting brought together clients of the Bank across various industries to deliberate on the way forward to navigate the recent developments within the financial sector which has impacted the Bank.
The publication of the Bank’s Full Year 2022 Results had revealed that the Bank had posted a Loss After Tax of GHS593m among other below-expectation developments apparently brought about by their participation in the Domestic Debt Exchange Programme (DDEP).
The interaction session therefore offered an opportunity for the management of the Bank to engage their corporate clients and allay their fears as the Bank is poised to retain its position as the banking industry leader following improvements in its financial results for Q1 2023.
Speaking at the meeting, Mr. Kofi Adomakoh, Managing Director of GCB Bank, admitted that the DDEP, fuelled by rising interest rate, rapid currency depreciation, high debt GDP, high inflation, amongst others, has crippled the entire banking industry with GCB as no exception and this has led to losses incurred by the Bank.
He added that the repercussions from the DDEP have had a direct impact on the Bank’s capital, liquidity, revenue and profitability as well as resulting in significant losses in returns to clients, and shareholders.
The CEO also used the opportunity to reassure the clients that the Bank was well placed to navigate through the challenges as evidenced by the First Quarter 2023 Performance it had recently posted. He shared some of the key highlights of the current performance which include the Bank’s Capital Adequacy Ratio, in spite of the impact of the DDEP, stands at 17.6 percent, which is well above the regulatory threshold of 10 percent.
Moreover, the Bank recorded a significant growth of 27.4 percent in Non-Funded Income to Revenue as well as an increase in total deposit base of GHS 20.12b within the period. This and more showed the Bank’s resilience against the current turbulence in the financial sector and how the Bank is on the road to recovery.
Mr. Adomakoh mentioned that “customers play a cardinal role in the sustainability of every business and important engagements such as the CEO’s Breakfast Meeting helps to have a better understanding of what customer needs are”. He intimated that the Bank needs to work together with its clients in order that they can navigate through the challenges together.
“Partnerships are key to thriving in these uncertain days”, he added. According to Mr. Adomakoh “as a bank, it is of upmost importance that we keep and maintain a strong collaboration with our foremost stakeholder which is you, the customer, in order to weather the storm. We have shown in our 70-year rich history that we are resilient, and are able to bounce back from any setback that comes our way. We therefore extend our hand of partnership to you because we believe that with your support, we can put the Bank back on winning ways in the not-so-distant future”.
Professor Noel Tagoe on his part, urged banks and businesses to find new ways of doing business. According to him, “when there is crisis the best option is to remain calm, keep it simple and identify those factors you can control and deal with.”
The Deputy Managing Director, Finance, Mr Socrates Afram and the Executive Director, Wholesale and Investment Banking, Mr Sam Aidoo, the Chief Digital and Marketing Officer, Mr. Eric Coffie and the Head of Corporate Banking, Mr. Linus Kumi were on hand to provide answers to questions posed by the customers.
GCB Bank is a leading bank in Ghana’s banking industry, with 186 branches dotted across the length and breadth of the country. The Bank since its establishment in 1953 has been described as a systemic bank with significant contributions to Ghana growth in multiple sectors including oil and gas, agriculture, commerce and others.
Over the past quarter of a century the bank has transformed itself into one of Ghana’s most modern banks with regards to its financial intermediation capabilities, its digital technology driven payments platforms and consequently its corporate reputation both at home and abroad.
Source: norvanreports