GCB Bank shareholders to enjoy 25% dividend hike

Pulse News

May 27, 2021 2:52 PM

Shareholders of GCB Bank Limited are to enjoy a 25 per cent increase in dividend payment over the 2019 dividend payment.

GCB Bank

Following a sterling performance in the 2020 financial year, the Board of the Bank has recommended a dividend payment of GHS0.25 per share, representing a 25 per cent increase in the 2019 dividend.

According to the 2020 annual report of the Bank GCB is “pursuing prudent dividend policy that ensures reasonable return to shareholders whilst maintaining the growth and appreciation of the share value.”

The final dividend will according to the Bank’s programme be paid on Friday, June 18, 2021.

GCB will hold its 27th Annual General Meeting (AGM) this Friday, May 28, 2021, in Accra.

The AGM, which will be held virtually, is in compliance with the Imposition of Restriction Act 2020 (Act 1012) and the Registrar General’s Department and Securities and Exchange Commission directives and guidance on holding virtual Annual General Meetings.

The agenda for the AGM includes; consideration and adoption of 2020 audited financial statements presented by Deloitte and Touche, ratification of the appointment of two Executive Directors, the re-election of Directors among others.

The AGM will also be used to declare dividend despite the difficult business environment occasioned by the Covid-19 pandemic.

This will be the second time in a row GCB Bank is declaring dividend after the Bank of Ghana imposed restrictions on dividend payments due to the debilitating effects of COVID-19 on businesses.

The AGM will also be used to officially introduce the new Managing Director; Mr John Kofi Adomakoh and the new Deputy Managing Director of Operations; Mr Emmanuel Odartey Lamptey to the Shareholders.

There will be special resolutions to change the Bank’s name from GCB Bank Limited to GCB Bank PLC and also amend the Bank’s constitution accordingly.

Shareholders are to participate and vote at the AGM through a dedicated online platform or through an SMS code using a unique token number.

The AGM Proceedings will be transmitted live on GTV and also streamed across GCB Bank’s social media platforms.

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