GTBank Posts GHC50m Pre-tax Profit

Guaranty Trust Bank (Ghana) Ltd has released its annual report for the year 2012 showing significant achievements which officials say will entrench the bank’s position as a formidable player in the highly competitive market. The bank, which has been adjudged Bank of the Year on two occasions, posted a pre-tax profit of GH¢50 million at the end of December 2012 from the GH¢20 million it recorded in the previous year. This represents 140 per cent rise. Profit after tax also performed well increasing from GH¢13 million in 2011 to GH¢39 million in the year under review, about 67 per cent rise over the previous figure. It also recorded gross earnings of GH¢127 million in 2012 compared to the GH¢76 million it recorded in 2011, while its total assets rose by 54 per cent from GH¢444 million in 2011 to GH¢683 million in 2012. The bank’s mobilised total deposits stood at GH¢476 million for year end 2012 as against GH¢266 million in 2011. Commenting on the bank’s performance, the Managing Director of the bank, Mr Lekan Sanusi, said the good performance in the year under review was based on three key factors, the first being “our customers who continued to show growing confidence in our franchise.” According to him “This factor resulted in more deepened relationships and increased rate of customer sign ons in 2012; significantly important is the fact that some of our new customers came through referrals from existing customers”. The second, Mr Sanusi said, was because of the bank’s “untiring determination of our highly motivated, loyal, well trained and aggressive staff to do well amidst competitive challenges.” He also acknowledged the role played by the bank’s shareholders and board as the third contributory factor to the growth in the bank’s strong performance in 2012. Mr Sanusi disclosed that the bank had come up with a five-year strategic plan which the staff had bought into and challenged themselves to work to make it a success, adding that it was as a result of that commitment that the bank was making significant headway in the industry. For the years ahead, the managing director said “GTBank will continue to bring its services even closer to customers.” He said additional branches and agencies had already been started to continuously improve on service delivery levels and that to satisfy customers, a number of initiatives had also been deployed.