GCB Bank PLC

Summary consolidated and separate financial statements

for the period ended 30 September 2024 (unaudited)
All amounts are in thousands of Ghana cedis unless otherwise stated
Statements of comprehensive income Statements of financial position
for the period ended 30 September 2024 as at 30 September 2024
2024 2023 2024 2023
Bank Group Bank Group Bank Group Bank Group
Interest income 2,945,380 2,957,958 2,689,060 2,698,794 Assets
Interest expense (780,251) (780,251) (614,827) (614,880) Cash and cash equivalents 14,131,167 14,281,936 4,374,939 4,457,921
Net interest income 2,165,129 2,177,707 2,074,233 2,083,914 Non-pledged trading assets 258,890 258,890 172,055 172,055
Fee and commission income 533,823 542,891 396,158 404,900 Investments (other than securities) 4,396 54,199 4,137 41,612
Fee and commission expense (116,897) (119,629) (88,109) (90,716) Loans and advances to customers 10,216,053 10,216,053 6,262,158 6,262,158
Advances to banks 665,033 665,033 398,368 398,368
Net fee and commission income 416,926 423,262 308,049 314,184
Investment securities 11,272,606 11,336,790 11,745,287 11,831,233
Net trading income 310,159 310,159 331,649 331,649
Investment in associates 28,274 206,109 28,274 92,678
Other operating income 8,664 15,328 8,107 16,567
Investment in subsidiaries 3,750 100 3,000 100
Operating income 2,900,878 2,926,456 2,722,038 2,746,314 Deferred tax asset 935,433 934,317 920,350 920,649
Net impairment loss on financial assets (207,731) (207,731) (535,603) (535,603) Intangible assets 183,155 199,930 82,855 88,941
Personnel expenses (864,047) (872,175) (712,249) (718,253) Other assets 1,378,980 1,323,366 751,765 719,841
Depreciation and amortisation (109,171) (109,892) (102,133) (110,455) Property, equipment & right-of-use-assets 417,065 418,227 409,646 410,522
Other expenses (714,375) (745,197) (541,289) (550,080) Total assets 39,494,802 39,894,950 25,152,834 25,396,078
Profit before income tax 1,005,554 991,461 830,764 831,923 Liabilities
Income tax expense (391,936) (394,011) (291,869) (294,878) Deposits from financial institutions 728,070 728,070 366,995 366,995
Profit for the period 613,618 597,450 538,895 537,045 Deposits from customers 30,677,766 30,677,766 20,178,192 20,171,537
Other Comprehensive Income: Borrowings 2,942,180 2,942,180 1,138,030 1,138,030
Items that will not be reclassified to profit or loss Current tax liabilities 14,878 14,410 86,668 87,719
Employee benefit obligation 239,122 239,122 187,957 187,957
FVTOCI financial assets - net changes in fair value 454 454 (140) (140)
Other liabilities 1,478,095 1,616,152 809,751 908,063
Related tax - - - - Total liabilities 36,080,111 36,217,700 22,767,593 22,860,301
Total items that will not be reclassified to profit or loss 454 454 (140) (140)
Equity
Total comprehensive income 614,072 597,904 538,755 536,905 Stated capital 500,000 500,000 500,000 500,000
Retained earnings 2,100,253 2,174,851 1,174,911 1,248,959
Profit attributable to:
Statutory reserve 763,818 763,818 639,555 639,555
Owners of the parent 613,618 597,450 538,895 537,045
Fair value reserve 470 34,432 127 20,890
Profit for the period 613,618 597,450 538,895 537,045
Credit risk reserves 129,245 129,245 110,023 110,023
Total comprehensive income attributable to: (79,095) 74,904 (39,375) 16,350
Other reserves
Owners of the parent 614,072 597,904 538,755 536,905 Total shareholders' equity 3,414,691 3,677,250 2,385,241 2,535,777
Total comprehensive income for the period 614,072 597,904 538,755 536,905 Total liabilities and shareholders' equity 39,494,802 39,894,950 25,152,834 25,396,078
Basic and diluted earnings per share (in GH¢) 3.09 3.01 2.71 2.70

Statements of cash flows Statement of changes in equity

for the period ended 30 September 2024 for the period ended 30 September 2024
2024 2023 Fair Credit
Stated value Other Statutory risk Total Retained Total
Bank Group Bank Group capital reserve Reserves reserve reserve Reserves earnings equity
Cash flows from operating activities The Bank
Profit for the period 613,618 597,450 538,895 537,045 Balance at 1 January 2024 500,000 16 (79,095) 763,818 102,074 786,813 1,513,806 2,800,619
Adjustments for: Profit for the period - - - - - - 613,618 613,618
Depreciation and amortisation 109,171 109,892 102,133 110,455 Other comprehensive income, - - - - - - - -
net of tax
Net impairment loss on financial assets 207,731 207,731 535,603 535,603
FVTOCI financial assets - net - 454 - - - 454 - 454
Employee benefit expense 72,000 72,000 76,200 76,200 changes in fair value
PPE written off 498 498 - - Dividend Paid - - - - - - - -
Net Interest income (2,165,129) (2,177,707) (2,074,233) (2,083,914) Transfer from reserves - - - - 27,171 27,171 (27,171) -
Dividend income (3,228) (9,892) - (8,460) Balance at 30 September 2024 500,000 470 (79,095) 763,818 129,245 814,438 2,100,253 3,414,691
Profit on sale of property and equipment (136) (136) (493) (493)
The Group
Income tax expense 391,936 394,011 291,869 294,878
Balance at 1 January 2024 500,000 33,978 74,904 763,818 102,074 974,774 1,605,322 3,080,096
(773,539) (806,153) (530,026) (538,686) Profit for the period - - - - - - 597,450 597,450
Changes in : Other comprehensive income,
net of tax - - - - - - - -
Non-pledged trading assets 60,175 60,175 103,937 103,937
FVTOCI financial assets - net - 454 - - - 454 - 454
Advances to banks (687,348) (687,348) (171,255) (171,255) changes in fair value
Loans and advances to customers (3,588,350) (3,588,350) (1,077,612) (1,077,612) Deferred tax - - - - - - (750) (750)
Other assets (240,007) (223,120) 186,823 183,142 Dividend Paid - - - - - - - -
Deposits from banks and other financial institutions 383,721 383,721 107,848 107,848 Transfer from reserves - - - - 27,171 27,171 (27,171) -
Deposits from customers 9,142,910 9,262,675 2,661,155 2,639,567 Balance at 30 September 2024 500,000 34,432 74,904 763,818 129,245 1,002,399 2,174,851 3,677,250
Borrowings 1,844,163 1,844,163 88,861 81,451
Other liabilities 562,194 638,390 223,275 320,338 Disclosures
1. Reporting entity - GCB Bank PLC is a limited liability company incorporated and domiciled in Ghana. These consolidated financial
Employee benefit paid (19,390) (19,390) (17,839) (17,839) statements as at and for the period ended 30 September 2024 comprise the Bank and its subsidiaries, (together referred to as the
Cash (used in)/generated from operations 6,684,529 6,864,763 1,575,167 1,630,891 'Group') and the Group's interest in associates. The separate financial statements as at and for the period ended 30 September 2024
comprise the financial statements of the Bank. The Bank is listed on the Ghana Stock Exchange.
Interest received 3,164,248 3,177,422 2,786,479 2,797,153
Dividend received 3,228 9,892 - 8,460 2. Significant
accounting policies - The consolidated and separate financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and adopted by
Interest paid (787,683) (787,683) (584,037) (545,410) the Institute of Chartered Accountants, Ghana (ICAG). The accounting policies applied in the preparation of these financial statements
Net income tax paid (545,422) (547,408) (360,908) (363,704) were consistent with those applied in the preparation of the annual consolidated and separate financial statements at 31 December
Net cash from operating activities 8,518,900 8,716,986 3,416,701 3,527,390 2023.

3. Quantitative disclosures
Cash flows from investing activities
September 2024 September 2023
Purchase of investments (subsidiary) (750) - - - Capital adequacy ratio (capital requirements directive) 16.0% 17.0%
Purchase of investments (other than securities) - (5,799) - 1,594 Common equity tier 1 ratio 13.0% 14.0%
Purchase of investment securities 194,437 167,886 (3,468,078) (3,491,922) Leverage ratio 5.3% 6.8%
Purchase of property, equipment & right-of-use-assets (90,645) (91,015) (45,195) (45,282) Non-performing loan ratio 15.5% 20.3%
Proceeds from sale of property, equipment & right- Non-performing loan ratio (less loss category) 2.2% 3.4%
of-use assets 136 136 493 493
Liquid ratio 67.2% 54.7%
Purchase of intangible assets (144,689) (159,286) (5,860) (11,230) Statutory liquidity breach (times) 1 Nil
Net cash used in investing activities (41,511) (88,078) (3,518,640) (3,546,347) Sanctions for statutory liquidity breach (GH¢'000') 29,662 Nil
4. Qualitative disclosures
Cash flows from financing activities 4.1 The Bank has exposure to the following risks from its use of financial instruments and from operations:
Dividends paid - (750) - - • Credit risk • Liquidity risk • Market risk • Operational risk

5. Sworn statement
Net Cash used in financing activities - (750) - -
The financial statements do not contain any untrue statements, misleading facts or omit material facts to the best of our knowledge.
Net (decrease)/increase in cash and cash
8,477,389 8,628,158 (101,939) (18,957)
equivalents
Cash and cash equivalents at 1 January 5,653,778 5,653,778 4,476,878 4,476,878 Daniel Kwaku Tweneboah Asirifi John Kofi Adomakoh
Cash and cash equivalents at 30 September 14,131,167 14,281,936 4,374,939 4,457,921 Board Chairman Managing Director

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