Guaranty Trust Bank Plc, Africa’s foremost financial institution and parent company of Guaranty Trust Bank (Ghana) Limited, has released its financial performance for the year ended December 31, 2015 with a profit of US$605.3million (GH₵2.3billion).
Notwithstanding great apprehension over likely poor bottom-lines for banks due to headwinds in the financial sector, GTBank Plc ended the year with higher profits.
GTBank posted gross earnings of US$1.5 billion (GH₵5.8 billion), showing an increase of 8.4 percent compared with US$1.4billion (GH₵5.4billion) in 2014.
Net interest income grew from US$714.2million (GH2.7billion) to US$802million (GH₵3.1billion).
As was expected, impairment charges grew by 74.8 percent from US$36million (GH$137million) to US$62.2million (GH₵241million).
Operation expenses were flat at US$484million (GH₵1.9billion), compared with US$475million (GH₵1.8billion) in 2014.
Profit before tax rose marginally by 3.7 percent to US$605.3million (GH₵2.3billion) from US$583.8million (GH₵2.25 billion), while profit after tax grew by 5.3 percent to US$499million (GH₵1.9billion), up from US$458.4 million (GH₵1.8billion).
GTBank’s total assets grew by 7.2 percent to US₵12.6billion (GH₵48.6billion) in contrast to the US$11.8billion (GH₵45.5billion) in 2014.
Results also show that loans to customers also grew by 7.5 percent to US$6.9billion (GH₵26.4billion) from US$6.42billion (GH₵24.7billion) in 2014.
The bank’s customer deposits remained relatively stable, with a marginal decline from US$8.12billion (GH₵31.3billion) in 2014 to US$8.1billion (GH₵31.1billion) in 2015.
Commenting on the performance, Managing Director/CEO of Guaranty Trust Bank Plc Mr. Segun Agbaje said: “The bank’s financial performance in 2015 is an indication that we have earned the loyalty of our customers, and an attestation of the hard work and dedication of our staff, management and Board”.
He added that: “The group has delivered a respectable Profit Before Tax of US$605.3million (GH₵2.3billion) despite an extremely challenging business environment in 2015.
As a bank we will continue to actively partner with our customers and grow our business, in a sustainable manner that is not only driven by profit objective but with an increased focus on empowering our customers with a view to growing Nigeria’s economy.
Also, we remain committed to maximising shareholders’ value and delivering superior and sustainable returns while actively expanding our franchise in select, high-growth African markets where we believe we have a competitive advantage”.
Managing Director of Guaranty Trust Bank (Ghana) Limited Mr. Lekan Sanusi said: “It is very fulfilling to know that the hard work put in by GTBank Group has paid off. It is even more fulfilling to recognise that customer loyalty plays a truly significant role in this achievement.”
The GTBank Group is synonymous with success.
In September 2015, at the Euromoney Awards for Excellence held in London, the bank was named Best Bank in Nigeria for its ability in adapting to local situations while maintaining international standards of best practice.
In October 2015, MD of GTBank Plc Mr. Segun Agbaje was also named Africa’s Banker of the Year during the World Finance Awards, for displaying astute foresight in positioning GTBank’s brand at the forefront of Africa’s banking industry.
The GTBank brand is regarded by industry watchers as one of the best-run financial institutions 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.
With over 230 branches in Nigeria, GTBank also has banking subsidiaries in Kenya, Rwanda, Uganda, Cote D’Ivoire, Gambia, Ghana, Liberia, Sierra Leone and the United Kingdom.
In Ghana, Guaranty Trust Bank (Ghana) Limited — which celebrates its 10th Anniversary this year — plays a significant role in the group.
It has won Bank of the Year twice, in 2009 and 2010; and is on the Ghana Club 100 list of prestigious companies.
Source: B&FT Online