GCB Bank has announced the suspension of its planned capital raising initiative.
The decision, announced at the 30th Annual General Meeting, AGM, comes on the heels of the bank’s strong financial results for year 2023 and a positive outlook for 2024.
The bank had initially received approval from shareholders at its last AGM to raise up to GH¢1billion in equity capital.
Subsequently, it settled on a capital size of GH¢550million and secured approval from both the Securities and Exchange Commission and Ghana Stock Exchange. The bank’s financial results for 2023 have been particularly impressive.
Total revenue grew by 26 percent to GH¢3.78billion, supported by a 37 percent growth in net interest income. Profit before tax reached a historic GH¢1.55billion, marking a significant turnaround from a loss position of GH¢743.5million in 2022.
Source: BFT