Despite Financial Crisis, GTBank Records over 40% Growth in 2008

Total Balance Sheet now D2.4 billion

2009-05-11

The overwhelming confidence and trust of customers on Guaranty Trust Bank (Gambia) Limited, as well as, staff determination to excel amidst odds have yielded another remarkable financial performance for the bank for the financial year ended December 2008. In a year characterized by the worst global financial and economic crisis, when most banks produced little or no growth in performance, GTBank recorded over 40% growth in balance sheet while its Profit Before Tax grew by 21% over 2007 figures.

In a press release dispatched to media houses, the bank's financial results for the year 2008 showed an upward growth in the Balance Sheet from D1.7 billion in 2007 to D2.4 billion in 2008 representing a growth of 40%. The bank also continued to avail quality credits to its customers as its loan book which was D395 million in 2007 grew to D421 million in 2008. By implication, the bank's customer base increased while money made available to the business sector of the Gambian economy also increased, thus boosting trade and private sector development.

In terms of profitability, the bank's Gross Earning grew by 41% from D194million in 2007 to D274million as at December 2008 while Profit Before Tax (PBT) which was D58 million in 2007 closed at D70 million in 2008 respectively. Compared to 2007 when the bank paid 18bututs per D1 share as dividend, shareholders of the bank approved the payment of 21bututs per D1 share for the year ended December 2008.

The financial report also confirmed GTBank as a bank that is efficiently utilizing its resources and providing good returns to its shareholders. The bank achieved a Return on Asset (ROA) of 4.7% (same in 2007) and a Return on Equity (ROE) of 22% (37% in 2007). Expectedly, ROE dropped due to increase in equity during 2008 by issuance of additional 40million shares at 1.88 per share.

Commenting on the financial results, the Managing Director of Guaranty Trust Bank Mr. Lekan Sanusi said the results manifested the level of the professionalism and determination imbued in the management and staff of the bank. 'Despite the global financial crisis which undoubtedly impacted on the local economy, GTBank stands squarely to produce this admirable performance,' He commended staff for their hard work and assured the customers that the bank would continue to add value onto their line of businesses.

'With a Total Balance Sheet(BS) of D2.363billion, we are happy to be one of the three 'big' banks in the country today. At the end of December 2008, SCB reported a total BS of D2.797billion, and Trust Bank reported D2.794 billion. GTBank is not only big, we also achieved growth both in size and profitability in the year. Afterall, the essence of a business is the value created for shareholders and not just size!'. He concluded.

In January 2009, Guaranty Trust Bank (Gambia) obtained the approval of the Visa International in South Africa to be licensed as a 'Principal' member of the exclusive club of Visa banks and agents and a team of IT experts are currently working on the implementation. In February 2009, GTBank was crowned 'Bank of The Year for 2008'at the prestigious GCCI Annual Business Award Dinner.

Within seven years of operation in The Gambia, GTBank is now operating from eleven locations with its head office located along Kairaba Avenue and ten other branches located in Banjul, Serekunda, Senegambia, Brikama, Bamboo, Kanifing, Latrikunda Sabiji, Brusubi, Bundung and Farafenni. This number of branches has positioned GTBank as the second largest bank in terms of branch network in The Gambia, next to Trust Bank with 13 branches.

Beyond its wide array of products, services and payment channels, GTBank is also credited with pioneering On-Line-Real-Time banking in The Gambia as customers of GTBank could access their accounts or do any transactions from any of GTBank's eleven locations. Over the years, the bank championed the introduction of innovative e-products such as Telephone banking, Internet banking, and Slip-free banking. GTBank is a Direct Agent of Western Union and provides the platform for its customers as well as non-customers to send or receive money through its wide branch network to and from any part of the world. There is also 'GTB Joni Joni Cash' which is a local money transfer service that enables customers and non-customers to send or receive money at GTBank branches instantly in The Gambia. The bank has also installed four ATM machines at its Kairaba Avenue Head Office, Senegambia branch, Serekunda branch and Africell Building along Kairaba Avenue. As the bank continues to set benchmark initiatives, GTBank has also introduced Point Of Sales Terminal (POS) available at Harry's Suppermarket, Kairaba Shopping Center, Butchers Restaurant, Sultan Sweets Restaurants, Stop Step Pharmacy & Stores, Timbooktoo Bookstores Elton Kairaba and Elton Bijilo. Both the ATMs and the POS currently accept the bank's local card 'Cashplus Card'.

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