Business News of 2014-04-01

GT Bank releases 2013 financial results

Guarantee Trust Bank (GTBank) Ghana Limited has stated that it is improving on its services to make them even more accessible to its customers.
That, the bank is doing by opening more branches and agencies while maintaining the regular upgrade of what it described as its already robust IT / e-Banking infrastructure to make it unbeatable in the industry.
The Managing Director of the bank, Mr Lekan Sanusi, said this in a release to announce the bank’s financial result for the year 2013.
“Moving on this year, GTBank’s key objective is to continue to project the Bank as the financial institution of choice that offers the most reliable, convenient and useful banking solutions,” the release stated.
Financial Performance
The bank declared a pre-tax profit of GH¢75 million for the financial year 2013, representing a 25 per cent growth over the previous year’s figure of GH¢50 million.
The results of the bank, which comes on the back of the present rough economic conditions in the country, affirm a trend within the universal banking sector where all the players which have so far announced their results seem to have made remarkable profits.
During the same year under review, the bank saw a rise in its operating income to GH¢129 million in 2013 as compared to GH¢106 million in 2012 and profit after tax increased to GH¢53 million by the end of 2013 from the GH¢39 million recorded in 2012.
The bank also recorded an improved cost of income ratio of 41 per cent as compared to the 43 per cent recorded in 2012.
The bank’s total assets increased from GH¢683 million in 2012 to GH¢938 million in 2013, representing a growth of 37 per cent.
Deposits made increased from GH¢516 million in 2012 to GH¢711 million while shareholders fund grew by 29 per cent from GH¢144 million in 2012 to GH¢186 million in 2013.
The bank explained that the growth in total assets was largely funded by a corresponding 38 per cent growth in deposits in the year under review.
Mr Sanusi subsequently said “the remarkable performance was as a result of the confidence customers continue to repose in the Bank and also due to prudent financial and operational management”.