A review of the result shows positive performance across some key financial indices, in spite of an extremely challenging business environment and increasing regulatory headwinds. Gross earnings for the period grew by 7% to N132billion from N124billion reported for the corresponding year period 2013. Profit before tax at N53.40billion, was a 7% dip from N57.4billion recorded in the corresponding year, due to loan impairment charged to the Profit and Loss account during the period. This impairment charge was as a result of a significant loan that we decided to provide for following the demise of the obligor; in line with our laid down corporate governance practices. The Bank’s loan book grew by 16% from N899billion recorded in June 2013 to N1.04trillion in June 2014 and total customer deposits increased by 8% to N1.54Trillion as at June 2014.
Commenting on the results, Mr. Segun Agbaje, the Managing Director/CEO of Guaranty Trust Bank plc attributed the Bank’s performance for the 2014 half year period to the hardwork of its staff, commitment of its Management Team and more importantly, continued support from its customers.
He further stated that the second half of the 2014 financial year will be a stronger period during which the bank will make positive improvements in its market positions across its key products and business segments.
A major objective for the Bank this year, as mentioned by Mr. Segun Agbaje, is to offer our customers greater convenience and accessibility to our services using internet and mobile solutions and we have, to date achieved over a million downloads of our mobile banking app and experienced a 25% increase in active internet banking users.
Guaranty Trust Bank plc has always been at the forefront of industry service innovations within markets wherein it operates, having successfully replicated its culture for excellence in banking subsidiaries in Cote D’ Ivoire, Gambia, Ghana, Kenya, Liberia, Rwanda, Sierra Leone, Uganda and United Kingdom.
