GTBank records another successful financial year 2007

Grow balance sheet by 77% and PBT by 100%

2008-06-02

GUARANTY TRUST BANK (G) LTD has once again raised its shoulders high as the bank recorded a 77% growth in Balance Sheet and a 100% Increase in Profit Before Tax (PBT) for the year ended December 31st 2007. this performance is against the backdrop of a financial year that was characterized by a major turbulence in The Gambian Banking Industry, fuelled by a highly bubble foreign exchange market resulting in significant revaluation losses in the industry, as well as, emerging competition occasioned by increase in number of players.

The breakdown of the figures and performance indicators as released by the bank showed that total deposit liability of the bank which was D593 million as at December 2006 grew by 67% to reach D989 million by the end if the year 2007, while the loan book which was D238 million in 2006 grew by 64% to reach D396 million by the end of 2007. Overall, the total asset of the bank which was D736 million in 2006 increased by 68% to reach D1.23 billion as at the end of 2007, while the total balance sheet (total asset plus contingents) which was 959 million as at the end of 2006 grew by 77% to close at D1.7 billion as at the end of 2007.

In terms of profitability, gross earnings which was D112 million increased by 71% to close at D191 million while Profit Before Tax which was D29 million in 2006 grew by 100% to close at D58 million in 2007 respectively. The bank declared a dividend of D5 million representing 8 bututs per D1 share in 2006 while the dividend declared for the year 2007 was D11 million representing 18 bututs per D1 share and thus a growth of 120% in dividends paid.

The bank also grew on all areas of key efficiency indicators. Return on Equity (ROE) which was 39% in 2006 grew to 57% in 2007 while Return on Asset (ROA) which was 4% in 2006 grew to 4.7% as at the end of 2007. Earnings share (EPS) which was 34 bututs in 2006 improved remarkable to 62 bututs in 2007.

In an up beat mood, GTBank Managing Director, Mr. Lekan Sanusi, said 'the unprecedented performance is as a result of the high level of professionalism exhibited by his team of professionals', which according to GTBank CEO is 'fundamental'. Mr. Sanusi further revealed that GTBank ahs now become 'the bank of the people and for the people in the sense that it has redefined convenience and potential customers as well'. The GTBank top brass reiterated his bank's commitment to continue raising banking to another level in The Gambia.

Six years ago. GTBank was ranked the 8th largest bank in The Gambia. However, it is interesting to note that six years down the line, it has undeniably made its mark in the financial landscape of the country by becoming the third largest and fastest growing bank in The Gambia.

The bank offers a wide range of innovative and tailor-made products and services that suit the banking needs of The Gambian populace. These products and services include GTSave (a saving account), Smart Kids Save, (a product designed to nurture the savings habit among children), GTB Bankers Acceptance, Internet Banking and Max Advance (a salary based credit facility). The bank has also installed two ATM machines at its Kairaba Avenue and Senegambia branches. In 2007, the bank introduced three additional services to its wide array of services which were Slip-free Banking, GTBank Electronic Notification Service (GeNS) and GTBank Swiftmailer.

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