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GTBank makes US$650m profit

BY: Enoch Darfah Frimpong

The end-year profit of GTBank Plc, the parent company of the Guaranty Trust Bank (Ghana) Limited, rose to about US$650 million in 2012, the audited results of the group has showed. The 2012 figure was about 66 per cent higher than the 2011 close of US$417 million.

The results which were released to the Nigeria Stock Exchange also showed that the group’s net profit rose by about 69 per cent in 2012. Its 2011 net profit was US$326 million.

Deposit liabilities of the group also grew by 12 per cent over the period, rising from US6.5 billion in 2011 to US$7 billion as of December 2012, the data further showed.

That growth in customer deposits helped to  push the group’s loan book up as its net loans and advances closed the year under review at US$5 billion, up from the 2011 close of US4.5 billion.

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The 2012 figure was about 11 per cent higher than 2011.   

Its non-performing loan (NPL) ratio, however, improved marginally, declining from 3.5 per cent in 2011 to 3.4 per cent in the year under review.

The group’s Chief Executive Officer, Mr Segun Agbaje, attributed its success in 2011 to continuous adherence to a defined growth plan and high corporate governance standards.

These factors, he said, coupled with a resourceful board, an in-depth understanding of the market and the passion of GTBank employees had enabled the group to grow its market share and continue to make available to its stakeholders value adding services.

A statement accompanying the results quoted the Managing Director of Guaranty Trust Bank (Ghana) Limited, Mr Lekan Sanusi, as saying the group’s strong growth was a reflection of the local unit’s sterling performance in the country.

“It shows the size of our bank, the strength of our brand and provides an assurance of our ability and capabilities in handling big ticket transactions,” Mr Sanusi said, according to the statement.

The GTBank Group is made up of six subsidiaries in Africa and the United Kingdom.

In Africa, the bank operates in Ghana, The Gambia, Sierra Leone, Liberia and Cote D’ivoire.

Its Ghana unit was established about seven years ago. It has since then opened about 23 branches nationwide and won several awards at the annual Ghana Banking Awards.