GTBank records healthy rise in 3rd qtr profits

Guaranty Trust Bank Plc, parent company of Guaranty Trust Bank (Ghana) Limited has announced a profit before tax of US$512million (N82.36 billion) for the nine months ended September 30, 2013, indicating a 7.12 percent increase over US$478million(N76.89 billion) recorded in the corresponding period of 2012. The bank’s profit after tax stood at US$431million (N69.24 billion) as against the US$396million (N63.734 billion) earned in the comparable period of 2012.

Guaranty Trust Bank (Ghana) Limited contributed a healthy 5% to the group’s profitability, making it the highest contributing subsidiary out of the seven (7) banking subsidiaries spread across Africa and the United Kingdom.

The results released by the Nigerian Stock Exchange (NSE) showed that the bank’s gross earnings rose to US$1.1billion (N181.96 billion) from US$1billion (N166.48 billion) the previous year.

A further analysis of the results showed that the group’s total assets stood at US$12billion (N1.875 trillion) in the review period, compared to the US$11billion (N1.73 trillion) it stood as at December 2012. Also, its customers’ deposit increased to US$8billion (N1.271 trillion) in the period under review, compared to US$7billion (N1.148 trillion) as at the end of December 2012.

Also, GTBank’s earnings per share increased to US$0.01518 (N2.44) from US$0.01400 (N2.25).

The group’s Managing Director/Chief Executive Officer Mr. Segun Agbaje had attributed the bank’s success to the continued support of its customers, hard work and strong corporate governance standards.

Mr. Agbaje stressed that a major objective for the bank this year is to add value to its stakeholders through excellent customer service delivery, innovative products and value adding services. "It is the bank’s belief that success on these fronts will enable it to deepen its share of market across all sectors and improve profitability, despite today’s extremely challenging business environment," he had said.

The Managing Director of Guaranty Trust Bank (Ghana) Limited, Mr. Lekan Sanusi, also attributed the rise in profitability to the confidence reposed in the bank by its customers and the dedication of loyal staff, with specific recognition of efforts by GTBank Ghana staff.

He stated that: “These results are further attestation to the fact that GTBank Group is sturdy and strong, and that customers should be assured that they are dealing with a healthy institution with sound financial footings”.

GTBank recently acquired a 70 percent stake in Fina Bank of Kenya to enable it extend its reach to East Africa.

The group presently operates in seven countries: namely Ghana, Liberia, Gambia, Sierra Leone, Ivory Coast, United Kingdom and Nigeria.

Guaranty Trust Bank (GTBank) has been adjudged the 2013 African Bank of the Year by the African Banker Magazine, which recognises financial institutions across the continent for their leadership role and commitment to good corporate governance practices, exceptional service delivery and innovative products.

A KPMG Africa-wide Customer Satisfaction Survey Report for 2012 also named Guaranty Trust Bank (Ghana) Limited, its Sierra Leone counterpart and GTBank Plc, Nigeria, as the Most Customer Focused Bank in their respective countries, making the group dominant in this area across West Africa.

The GTBank brand is regarded by industry watchers as the best-run financial institution across its subsidiary countries, and serves as a role model within the financial service industry due to its bias for world-class corporate governance standards, excellent service quality and innovation.