2013 Mid-Year Report: GTBank Rakes N57b Before Tax Profit

Unarguably one of Nigeria’s most successful and best banks, Guaranty Trust Bank plc, has continued to soar higher leaving other competitors to wonder how the bank has remained a force to be reckoned with in the financial sector.

In its released 2013 mid-year audited financial report, which ended on June 30, 2013 on the Nigerian and London Stock Exchanges, GTBank posted a profit of N57.36 billion. A quick review of the result shows a positive performance across all financial indices.

The bank raked a Gross Earnings of N124.20 billion for the half year period under review, an increase of N10.68 billion from the N113.53 billion reported for the corresponding
period in 2012.

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GTBank also posted N49.01 billion as its Profit After Tax, which is an increase of over N45.55 billion reported in June 2012. Its Total Assets and Contingents at the end of June 30, 2013, is N2.50 trillion. The bank boasts of customer deposits of N1.25 trillion and Shareholders’ Funds of N296.95 Billion, while its non-performing loans remained low at 3.32%.

On the backdrop of this result, Return on Equity (ROAE) and Return on Assets (ROAA) closed at 33.78% and 5.45% respectively for period ended June 2013. The bank is proposing interim dividend payment of N7.36 billion to Shareholders (N0.25 per ordinary share of 50 kobo each).

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Speaking on the success of GTBank, its Managing Director/CEO, Segun Agbaje, said the customers’ continued support, hard work of its dedicated staff and strong corporate governance standards have made the bank to grow with profit.

He thanked the customers for their loyalty and staff for their continued hard work and dedication.

GTBank has successfully replicated its culture for excellence in its subsidiaries in Ghana, Gambia, Sierra Leone, Liberia, Cote d’Ivoire and the UK.

The bank also recently commenced the process of acquiring a 70% stake in Fina Bank of Kenya to enable it extend its reach to East Africa. The acquisition, which is subject to customary regulatory approvals in Kenya, Nigeria, Rwanda and Uganda will see GTBank expands its geographical footprint into three East African countries; Kenya, Uganda and Rwanda.

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On the home front, GTBank has introduced the GTBank social Banking platform; a service offering pioneered by GTBank which allows people on social networks such as Facebook commence banking relationships as well as perform basic banking transactions 24/7, safely and conveniently.

Furthermore, the GT-Target account-an interest bearing non-transactional account for people saving towards particular projects was also introduced.

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