Guaranty Trust Bank Plc, parent company of Guaranty Trust Bank Ghana Limited, declared profit-before-tax of N107.09 Billion (about USD650 million) for the financial year 2013.
The Bank?s audited financial results for the year ended December 31, 2013 was announced to the Nigerian and London Stock Exchanges.
A glance through the numbers reveals an impressive 28.6% growth in loan book from ?783.91bn (about USD4.7 Billion) in 2012 to ?1.01tn (about USD6 Billion) in 2013 while customer?s deposits grew by a remarkable 24.3% from ?1.15tn (about USD7 Billion) in 2012 to ?1.43tn (about USD8.6 Billion) in 2013.
The group closed the 2013 financial year with a balance sheet size in excess of ?2tn (about USD12 Billion) while shareholders? equity increased by 17.9% from ?281.83bn (about USD1.7 Billion) in 2012 to ?332.35bn (about USD2 billion).
Segun Agbaje, Managing Director and Chief Executive Officer (CEO) of Guaranty Trust Bank Plc, stated that ?As a growing franchise and in spite of the regulatory headwinds, our Bank has posted respectable results that reaffirm our reputation as a market leader and a highly ethical financial institution. We have maintained our cost-leadership position as typified by the cost-to-income ratio (2013: 43.5%; 2012:43.1%) among peers year-on-year.
He further stated that ?with this performance, we will maintain our commitment to maximizing shareholder value with a proposed 10% increase in dividend pay-out over what was paid in 2012 and a share price appreciation of 17% in 2013. Our acquisition of Fina Bank Limited, a Kenyan bank with significant business footprint in Rwanda and Uganda gives us the opportunity to commence business in three East African countries via the acquisition of one bank. This will give us great mileage and an opportunity to leverage our brand equity. We hope to further tap into the growth potentials of emerging African economies thus bringing us closer to our philosophy of being ?A proudly African and truly international? financial brand.?
Managing Director of Guaranty Trust Bank (Ghana) Limited, Lekan Sanusi, commenting on the results, stated: ?Our group?s performance is a reflection of the health of all subsidiaries. Customers and other stakeholders are thus assured that they are dealing with a strong institution.?