Global InfoAnalytics, an independent research company, in its latest half-year Banking Brand Health report has once again placed GCB Bank in the coveted first position in the highly competitive unprompted brand recall ranking.
According to Global InfoAnalytics, a critical metric in gauging brand awareness, the GCB bank’s weighted average score of 0.46 out of 3 underscores its unparalleled resonance in the minds of consumers.
Agricultural Development Bank (ADB) also showcased commendable consistency, securing its second position with a respectable weighted average of 0.37 out of 3. The ADB’s unwavering performance in this category underscores its solid positioning in the market and resonant brand presence.
Meanwhile, a captivating tussle unfolded among indigenous banks vying to establish their brand recall prowess. GCB stood tall, firmly maintaining its prime status with a noteworthy weighted average of 0.46 out of 3, signifying an indomitable brand appeal.
ADB, a steadfast contender, clinched the second position with a commendable score of 0.37 out of 3, cementing its position as a formidable player in the indigenous banking landscape.
Fidelity displayed a spirited effort, locking horns with Ecobank for the third place, both registering an identical weighted average of 0.21 out of 3.
Venturing into the foreign-owned banks arena, Ecobank emerged triumphant, outshining Absa and securing the pole position with an impressive weighted average of 0.21 out of 3.
Absa, having previously held the top spot in December 2022, encountered a setback this time, relinquishing its position and settling for second place in foreign-owned banks arena with a weighted average score of 0.17 out of 3.
The Third Position Among Foreign-Owned Banks
Access, meanwhile, held firm to its third position, exhibiting resilient brand awareness with a score of 0.16 out of 3.
Unprompted Brand Recall, as a veritable indicator of brand awareness, encompasses multifaceted variables, including market presence, brand promotion, personality, image, values, and storytelling.
In an increasingly competitive financial landscape, brand awareness stands as the bedrock of customer acquisition and retention, rendering it indispensable for financial institutions seeking to thrive in the marketplace.
Global InfoAnalytics conducted this in-depth survey across all 16 regional capitals, engaging a sample size of 1,623 respondents, with interviews conducted between 12th and 14th July 2023.
The comprehensive findings presented in the report provide valuable insights into the dynamic landscape of the Ghanaian banking sector, empowering banks to refine their strategies and better cater to the diverse needs of their clientele.
Meanwhile, this performance by GCB in Global InfoAnalytics is an icing on the cake for the bank which performed creditably well in its 2022 financial report where Total Operating Revenue grew by 24 percent to GHS 3.0 billion, underpinned by broad based growth across all the key revenue lines. Net interest income was up 11 percent, fees & commissions grew 7 percent.
Trading Income was phenomenal with a growth of 208 percent to end at GHS 487 million and Operating Cost went up 29 percent recording GHS 1.6 billion on account of inflationary and currency depreciation effects.
Pre-provision profit was also up 22 percent to close at 1.4 billion reflecting the good progress the Bank made during the year in executing its strategy.
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