GTBank Launches Orange Savings

Balance Sheet of D0.96 billion, PBT of D29.5 million

Guaranty Trust Bank (Gambia) LTD (GTBank Gambia) has recorded a remarkable financial performance for the financial year ended December 2006, as the bank recorded over 100% growth in financial performance as audited results compared to 2005.

In a release made available to the press by the Head of Corporate Affairs Unit of the bank, GTBank financial results for the year 2006 which has been duly signed by the Board of Directors and approved by the Central Bank of The Gambia (CBG) showed that the bank closed the year with a Total Balance Sheet of D959 million, composed to Total Asset of D736million and Contingents of D223 million. When compared to the performance of the bank in 2005, these figures represent an increase of 102% in Total Balance Sheet (2005: D474 million), 87% increase in Total Asset (2005: D396 million) and 185% increase in Contingents (2005: D78 million). By implication, Net Asset which was D61 million in 2005 increased to D75 million 2006.

Similarly, the bank recorded remarkable growth in its profitability and value added. Gross Earnings of the bank which was D68 million in 2005 increased by 65% to close at D112 million in 2006 while Profit Before Tax which was D14 million in 2005 improved by over 100% as the bank closed the 2006 financial year with a PBT of 29.5 million. In the light of this performance, earnings per share rose to 34 bututs per share compared to 14 bututs earned in 2005, and the bank, with the approval of CBG declared a dividend of D5 million to its shareholders, translating to about 8 bututs per each unit of share of D1.

According to the Managing Director of the bank, Mr. Lekan Sanusi, 'the year 2006 was a good operating year for the bank in all facets and indicators. Our number of branches grew from 3 to 5, and our number of customers increased phenomenally, which by implication, let to over 100% increase in our deposit base and Total Asset, in an industry which recorded 20% growth in asset.

For us as an institution, the result only reveals and confirms the overwhelming confidence that our customers have reposed in us as a financial services partner. For this, we are most gratifying, and we remain very grateful for their patronage.'

GTBank began operations in The Gambia in March 2002 with the twin objectives of building long term relationships and adding real value to customers's business with quality customer service standards as bedrock of its interface. A number of customers joined us immediately by establishing banking relationship with us very recently. Some other financial services users are yet to.

Whichever of the categories outlined above that a financial service user might fall, we see everybody as a customer of the bank, directly or indirectly. E appreciate the contribution of everybody towards this exciting 2006 financial result, and for banking on us our promise is that, we would remain that strong bank that all Gambians would continue to be proud of.

The bank is also aware of the fact that, this impressive performance can only be achieved against the backdrop of considerable energy and sacrifices from its staff, most especially, in the light of the growing competition, shrinking margins and increasing cost of doing business. In the words of the Managing Director, 'every individual staff in the bank worked extremely hard during this year. Individual and as a team, we remain very proud of the result of the energies we dissipated during the year 2006'.

GTBank Gambia began operation in 2002 as a business imitative between Guaranty Trust Bank Plc (the fifth largest bank in Nigeria) and Gambia entrepreneurs and institutions. The bank is synonymous with innovation, building excellence and providing superior financial performance. With the combination of a well-trained and dedicated intellectual capital, robust technology and dynamic leadership, the bank has recorded the fastest rate of branch expansion in The Gambia with five branches opened in its five years of operation.

The bank offers a wide range of innovative and customer friendly products and services including the GTB Joni Joni' cash transfer and GTB Bankers Acceptance (which were introduced in 2006), the SMS banking and e-banking, among other several others.

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