Friday, August 26, 2011

GTBank outdoes competition in the banking industry

delivers remarkable results
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Guaranty Trust Bank has been able to take the fierce competition in the Gambia’s banking industry to its side.
The bank has positioned itself among the strongest banks in the country as it delivered remarkable result for 2010, which shows its balance sheet growing through increased profit, enhanced deposit portfolio as well as increased shareholders fund.

“In spite of the challenges posed by the global financial crisis and keen competition in the Gambian banking industry, Guaranty Trusty Bank (Gambia) Ltd has posted remarkable results for the year ended 31 December 2010,” a statement from the bank says.
Olalekan Sanusi, GTBank MD
The 2010 audited account of the bank, released after the bank’s Annual General Meeting held in July this year, indicate that GTBank’s profit before tax rose by 6% from D75 million in 2009 to D79.5 million in 2010, while gross earnings grew by 6.6% from D349 million in 2009 to D372 million.


GTBank’s strategy to streamline asset size in the face of a tightening local economic conditions and to remain more efficient has yielded dividend in 2010 as the total asset of the bank recorded a growth, though marginal, from D1,941 million in 2009 to D1,958 million in 2010.

The loan portfolio of the bank also grew by 33% from D520 million in 2009 to D692 million in 2010 while total deposit liability increased by 7% from D1.4 billion to D1.5 billion. 
GTBank boasts of being the first and only bank to have successfully consummated loan syndication in the history of the Gambian banking industry in the year 2010.

“GTBank Gambia continues to give good returns to its shareholders as it declared a dividend payment of D39.5million to shareholders representing about 22bututs per share (21 butus per share in 2009),” the bank said.
In line with regulatory requirements, the bank has raised it paid-up capital to D180 million, thereby surpassing the D150 million minimum capital for banks in The Gambia. The Shareholders Funds at the end of 31 December 2010 was D232 million.

 “In spite of the backdrop of the difficulties and uncertainties that dominated the year 2010 in the world, the performance of GTBank owes itself to two key factors,” said Mr Olalekan Sanusi, Managing Director/CEO of the bank.  “The first and of course most manifesting has been the growing confidence in the brand, as our customer sign on rate went up phenomenally in the year.”
He said the second and fundamental to the continued success of GTBank in The Gambia, “is the untiring determination of our highly motivated, loyal, well trained and aggressive team to do well amidst difficulties”.

GTBank, according to MD Sanusi, continues to demonstrate support towards worthy causes in various fields of human endeavour as a mark of the bank’s commitment to the society.  He said one of the bank’s commitments is the D4 million sponsorship deal it has signed with Gambia for Gold for the development of football in the country.

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