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    GCB   GH0000000094

GCB BANK PLC

(GCB)
  Report
End-of-day quote Ghana Stock Exchange  -  2022-09-22
3.700 GHS    0.00%
07/27GCB Bank Plc Reports Earnings Results for the Half Year Ended June 30, 2022
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GCB Bank : , GCGL to Foster Stronger Alliance

05/10/2021 | 09:06am EDT

The Management of GCB Bank Ltd and Graphic Communications Group Limited (GCGL) have resolved to foster stronger alliance in the interest of the two institutions and to help propel national growth.

While operating in different sectors of the national economy, the management of the two institutions agree that collaboration will help lubricate the engine of growth in the strategic interest of Ghana.

This point was reiterated when the Managing Director (MD) of GCB Bank, Mr Kofi Adomakoh, paid a working visit to the Managing Director of the GCGL, Mr Ato Afful, in Accra.

"Partnerships like this would be very useful. You are the most dominant media institution in the country and I think, we coming from the same mother, it is important that we cooperate and collaborate in business and social events," Mr Adomakoh stated.

Mr Adomakoh's visit was to introduce himself as the new MD of GCB Bank and to share ideas on how best Ghanaian companies could collaborate to build businesses of international character and magnitude.

He acknowledged that both the banking and the media industries have been evolving, very fast, adding, strategies are needed to take businesses to the next level and see how we can support each other.

"We want to play a role in making sure that you get there. More importantly, there are also things that we can look at together and you can also help us disseminate what GCB wants to do along our various businesses," he said.

"The disruption with COVID-19 and what has happened forced banks to get more digital to reach their customers. So those days when we had armchair bankers who sat in the office and waited for the customer to queue outside are long gone and it will even change more in the coming years," he explained.

He said that was one of the reasons why he was reaching out to the GCGL, which was one of its customers, to find out how the Bank could be of help to the company in the coming years.

,Mr Afful on his part, said the GCGL had enjoyed a fantastic relationship with GCB Bank over the decades, with the Bank being immensely helpful.

"As an ongoing relationship, we will obviously be looking at upping the ante on both sides. We appreciate the services that you have rendered to us over the decades," he said.

Mr Afful said the GCGL recognised the fact that times had changed and, therefore, the company had rolled out several initiatives to ensure that the business remained sustainable.

"Graphic is now doing thought leadership programmes in partnership with other stakeholders. Additionally, because of the traditional base of print, the leaders of this business over time saw it fit to venture into the printing, publishing and packaging business which led to the establishment of the subsidiary company GPAK," he said.

He said the GCGL also partnered another company to establish a courier services company that was into nationwide delivery.

"The company also, through partnership, has renovated and expanded its clinic which used to serve only staff and family to now serve the entire public," he stated.

Furthermore, he said the company had some physical assets that it intends to develop and was therefore in discussion with some partners in that regard.

Mr Adomakoh was accompanied by Mr John Adamah, Mr Kojo Kwarteng and Mr Linus Kumi, Heads of Consumer Banking, Corporate Affairs and Corporate Banking Departments of GCB.

Copyright Ghanaian Times. Distributed by AllAfrica Global Media (allAfrica.com)., source News Service English

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Financials
Sales 2022 2 803 M 280 M 280 M
Net income 2022 779 M 77,9 M 77,9 M
Net Debt 2022 - - -
P/E ratio 2022 1,26x
Yield 2022 18,4%
Capitalization 981 M 98,0 M 98,0 M
Capi. / Sales 2022 0,35x
Capi. / Sales 2023 0,30x
Nbr of Employees 2 316
Free-Float 32,4%
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Mean consensus OUTPERFORM
Number of Analysts 3
Last Close Price 3,70 GHS
Average target price 5,90 GHS
Spread / Average Target 59,5%
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Managers and Directors
John Kofi Adomakoh Chief Executive Officer, MD & Director
Socrates Afram Director & Deputy Managing Director-Finance
Jude Kofi Arthur Chairman
Abel Lomotey Daitey Chief Information Officer
Emmanuel Odartey Lamptey Director & Deputy Managing Director-Operations
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