Ghana Commercial Bank (GCB) would deepen its wide area network base, deploy modern systems and technology to provide integrated back and front office operations to enhance quality service delivery; Board Chairman, Dr. Fritz Gockel said in Accra on Friday.

Addressing the 18th Annual General Meeting of the bank, Dr. Gockel said the strategies were part of broad objectives to reposition the bank to ensure the delivery of quality service and creation of value for shareholders.

He said the bank would develop an appropriate mix of products and services to suit the changing demands and requirements of customers.

“The Bank will strengthen its capacity to lead in the financing of consumer credit and financially rewarding businesses in key sectors of the economy,” Dr. Gockel said.

Last year, the bank embarked on a change management process dubbed "Good to Great", aimed at boosting the performance and placing it among the top banks in the country.

Among the critical issues being dealt with under the change programme include short to long term optimisation of shareholder value, improving the bank’s governance framework, branch upgrading to ensure comfort, convenience and development of products to make banking easier.

On financial performance, the group recorded a net income of GH¢278.1 million, representing 6.7 per cent increase above the 2010 net income.

Dr. Gockel said there was significant improvement in the bank’s impairment charge on loans and advances which dropped from GH¢70.9 million in 2010 to GH¢10.6 million in 2011, on effective risk management strategies.

There was a boost in customer deposits to GH¢2.06 billion compared to GH¢1.58 billion in 2010.

“On the whole, the year’s operations resulted in profit after tax of GH¢17.9 million for the group compared with the GH¢50.9 million realised in 2010,” he said, and explained that the decline in profits was because of some of the changes embarked on.

Shareholders approved a dividend of GH¢0.07 per share amounting to GH¢18.6 million, which is the same as the amount paid last year.**