GTBank Records N53bn Half-year Gross Profit

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GTBANK-LOGO-HDGuaranty Trust Bank Plc recorded positive performance across some key financial indices, in spite of an extremely challenging business environment and increasing regulatory headwinds.

Gross earnings for the period grew by 7 per cent to N132 billion from N124 billion reported for the corresponding year period 2013. Profit-before-tax at N53.40 billion was 7 per cent dip from N57.4billion recorded in the corresponding year due to loan impairment charged to the profit and loss account during the period.

The bank’s loan book grew by 16 per cent from N899 billion recorded in June 2013 to N1.04trillion in June 2014 and total customer deposits increased by 8 per cent to N1.54trillion as at June 2014.

Managing director/CEO of the bank Mr Segun Agbaje attributed the performance for the 2014 half-year period to the hard work of its staff, commitment of its management team and, more importantly, continued support from its customers.

He further stated that the second half of the 2014 financial year would be a stronger period during which the bank would make positive improvements in its market positions across its key products and business segments.

A major objective for the bank this year, as mentioned by Agbaje, was to offer the bank’s customers greater convenience and accessibility in its service delivery using internet and mobile solutions. The bank has always been at the forefront of industry service innovations within markets where it operates, having successfully replicated its culture for excellence in banking subsidiaries in Cote D’ Ivoire, Gambia, Ghana, Kenya, Liberia, Rwanda, Sierra Leone, Uganda and the United Kingdom.

The bank’s most recent service introductions include the GTBank SME MarketHub, an online e-commerce platform that allows small and medium-scale enterprises, companies and all forms of legitimate businesses create online stores and advertise their product and service offerings to millions of buyers that are online.

The bank also launched another innovative service “GTBank 1 Click Top-up,” a service that provides an efficient and easy way to purchase airtime by topping up their mobile phones from available balances in their bank accounts.

In recognition of its high service standards, sound management quality and strong financial performance, the bank has been a recipient of numerous awards over the years that most recently include the African Bank of the Year from African Banker, 2014 Best Banking website by Phillips consulting, 2014 Best Bank in Nigeria from Business Day, 2014 Best Bank in Nigeria and Best Bank in Africa from Euromoney magazine.

It is noteworthy to mention that the bank in Nigeria won the Euromoney Best Bank in Africa award.