Guaranty Trust Bank plc has released its audited financial results for the financial year ended December 2011 to operators at the Nigerian Stock Exchange.
According to the results, which were recently approved by the Central Bank of Nigeria, the bank recorded Gross Earnings of N188.8 billion for the financial year.
Profit Before Tax was N65.6 billion for the review period, 35.4 per cent higher than the N48.5 billion reported in 2010, while Profit After Tax and Extra-ordinary item for the period was N52.7 billion, representing a 35.4 per cent improvement over 2010’s N38.3 billion.
The bank’s Total Assets and Contingents increased by 35.6 per cent to N2.1 trillion from N1.6 trillion in the previous year, and it closed the year with a balance sheet size of N1.6 trillion, 39.9 per cent above its opening position of N1.2 trillion in January 2011.
Further review shows the group grew its deposit liabilities by 35.7 per cent, from N761.2 billion in December 2010 to N1.03 trillion during the review period and reported an impressive cost to income ratio of 50.8 per cent only for the year.
Return on Equity was 23.4 per cent for the year, while Non Performing Loans formed only 3.7 per cent of the Bank’s Total Loan Book.
The Bank’s shareholders’ funds increased from N210.8 billion to N238.8 billion during the year, while its loan book grew by 20.6 per cent over the 12 month period to N715.9 billion despite a generally cautious customer approach to investments.
Commenting on the results, Mr. Segun Agbaje, Managing Director and CEO of Guaranty Trust Bank plc, attributed the bank’s success in 2011 to a well defined business plan, the passion of its employees and a determination to achieve results without compromising on the GTBank standards of service quality, professionalism and integrity.
According to Agbaje: “Despite the complexities of today’s financial landscape, we continue to remain true to our founding values: Service excellence, Professionalism, Integrity and Innovation, whilst ensuring we understand and meet the peculiar needs of our various stakeholders, every single time.
“Our employees imbibe this vision and that is why we are a successful financial institution today.”
He further stated that the bank intends to further consolidate its position in 2012 by pioneering service innovations, developing value adding products within all markets, promoting excellence and creating role models for society through a myriad of social and other initiatives.
Guaranty Trust Bank plc was established in 1990 and has within the last 21 years come to be recognised as one of the most innovative and service focused banks in the Nigerian financial market space.
The Bank operates from over 190 branches in Nigeria and has banking subsidiaries in the Gambia, Ghana, Liberia, Sierra Leone and the United Kingdom.
The Bank has been the recipient of several awards over the years for service delivery, innovation and good corporate governance.
It was recently adjudged the 2011 Bank of the Year for Nigeria by The Banker Magazine, the 2011 Best Bank in Nigeria by EMEA Finance Awards and the 2011 Best Bank in Nigeria by Euromoney Magazine for the third consecutive time.