In spite of the challenges encountered in the economy during the year 2015, Guaranty Trust Bank (Ghana) Limited has declared significant profit for the year under review; the ninth consecutive time of profit making in its ten years of operations in Ghana.
The Bank recorded pre-tax profit of GH₵89 million for the financial year 2015.
Operating Income rose to GH₵172 million in 2015 as compared to GH?165 million in 2014.
Profit after tax stood at GH₵61.9 million by year end 2015.
It also recorded significant growth in its size as Total Assets increased from GH₵1,162 million in 2014 to GH₵1,380 million in 2015, representing a growth of 19%.
The growth in Total Assets was largely funded by a corresponding 21% growth in Deposits.
In the year under review, Deposits increased from GH₵789 million in 2014 to GH₵954 million.
Shareholders’ Fund grew by 16% from GH₵204 million in 2014 to GH₵236 million in 2015.
However, reminiscent of economic conditions during the year under review, the Bank recorded a deteriorated Cost to Income Ratio of 48% as compared to the 43% recorded in 2014.
The 2015 results, duly certified by the Bank’s auditors, PriceWaterHouseCoopers (PWC), were prepared in compliance with International Financial Reporting Standards (IFRS) as prescribed by the Bank of Ghana.
The Managing Director of Guaranty Trust Bank (Ghana) Limited, Mr. Lekan Sanusi has stated that the significant performance was as a result of the confidence customers continue to repose in the Bank and also due to prudent financial and operational management in the face of challenging economic conditions during the year under review.
He reiterated that, “The most apparent cause for our continued success has been our customers who persist in showing growing confidence in our brand.
Customer loyalty has not dwindled and for this we are most grateful”.
The Managing Director further stated that’ “It is remarkable that within 10 years of operations in the country, we have been able to build a strong and safe bank that continues to sustain our profitability and provide satisfactory returns to shareholders”.
Mr. Sanusi added that the Bank’s focus in 2015 had been to increase its customer base as well as continue to bring its services even closer to more Ghanaians.
Towards this end, the Bank expanded its branch network to a total of 33 branches by the end of the year under review.
“We worked assiduously to further improve on our service delivery levels; whilst a number of initiatives were also deployed to make doing business with the Bank enjoyable”.
He also acknowledged the role played by the Bank’s shareholders and Board as another contributing factor to the Bank’s sustained performance in 2015.
Moving on in 2016, the Bank’s 10th anniversary year, Mr. Sanusi stated that the key objective is to continue to project the Bank as a safe and strong financial institution, the go-to Bank that offers the most reliable, convenient and useful banking solutions.
Guaranty Trust Bank (Ghana) Limited was registered in October 2004 as a limited liability company and licensed by the Bank of Ghana in February 2006 to provide universal banking services to the general public.
It opened its door to customers on 13th March, 2006.
In the ten years of its operations in Ghana, GTBank has established itself as a household brand, a pacesetter and a reference point in the financial services industry.
It presently operates from 33 outlets spread across seven regions in the country, namely Greater Accra, Ashanti, Western, Brong Ahafo, Volta, Northern and Central.
Source: B&FT Online