GTBank records significant growth in profit

Guaranty Trust Bank (Ghana) Limited has posted a pre-tax profit of GHS127.5 million for the 2017 financial year representing a 20% growth over previous year’s GHS106.5 million. This is the eleventh (11th) successive year that the bank is declaring profit since its commencement of operations in Ghana in 2006.

After-tax profit for 2017 stood at GHS88.2 million as compared to GHS73.7 million recorded in 2016. Operating Income rose to GHS230 million in 2017 as compared to GHS207 million in the previous year.

The Bank recorded significant growth in its size as Total Assets increased from GHS1.55 billion in 2016 to GHS1.87 billion in 2017, representing a growth of 21%. The growth in Total Assets could be attributed to a corresponding 21% growth in Deposits.

In the year under review, GTBank witnessed an increase in customer deposits from GHS1.11 billion in 2016 to GHS1.45 billion, representing a 32% growth. Shareholders’ Fund grew by 18% from GHS283 million in 2016 to GHS335 million in 2017.

Notwithstanding the economic conditions prevalent in the year under review, the Bank’s Cost to Income Ratio improved from 49% in 2016 to 45% in 2017.

The 2017 financial statement which was duly certified by the Bank’s auditors, PriceWaterHouseCoopers (PWC), were prepared in strict adherence to International Financial Reporting Standards (IFRS) as prescribed by the Bank of Ghana.

Managing Director of Guaranty Trust Bank (Ghana) Limited, Mr. Lekan Sanusi has attributed the significant performance of the Bank to the judicious financial and operational management in the face of challenging economic conditions during the year under review.

He echoed that, “2017, being the first year of a new government came with it some significant opportunities and, of course, challenges but with the confidence reposed in our brand by our loyal customers, we were motivated to push harder for success; and for that, we are truly grateful”.

Mr. Sanusi further stated that, “It is noteworthy that within 12 years of operations in the country, we have strived to provide a strong and safe bank with convenient and reliable electronic channels that offer our customers and the general public ease in carrying out transactions. Our hardworking and diligent Management and Staff have given off their best to sustain profitability and provided satisfactory returns to stakeholders”.

Guaranty Trust Bank (Ghana) Limited was registered in October 2004 as a limited liability company and licensed by the Bank of Ghana in February 2006 to provide universal banking services to the general public. It opened its door to customers on 13th March, 2006.

In the twelve (12) years of its operations in Ghana, GTBank has established itself as a household brand, a pacesetter and a reference point in the financial services industry. The Bank has carved a niche as the most technologically driven bank in the country, with several local and international awards to show for it.

The bank recently received the Payments Card Industry Data Security Standard (PCI DSS) version 3.2 Compliance certification, which is heralded as the most demanding payment-card security standard recognized globally by industry watchers.

With this it has become one of the very few banks in West Africa and the first in Ghana to be certified by the global market leader in cyber and information security, Sysnet.

GTBank presently operates from 34 outlets spread across seven regions in the country, namely Greater Accra, Ashanti, Western, Brong Ahafo, Volta, Northern and Central.