30th May 2008 16:16
Results for the year ended 29 February 2008
Guaranty Trust Bank plc, one of the largest and most profitable financial institutions in Nigeria, announces its results for year end 29 February 2008
After tax earnings N21.2billion
Return on assets of 3% and return on equity of 13%
Performance driven with N176billion in loan growth, up by 148% when compared to 2007
Total deposits grew to N365billion, up by 24%
Loan quality improved with non performing loans down to 1% of total loans
Total asset and contingents grew by 76% to N1.06 trillion against N603billion for the previous year
Tayo Aderinokun, Guaranty Trust Bank plc Managing Director commented:
"The Bank has had another year of impressive growth across all financial indices and remains one of the most respected and profitable financial institutions in Nigeria. We increased alternative banking channels and branch network, were able to grow our market share and undertook several big ticket transactions. Our impressive cost to income ratio makes us one of the best managed financial institutions in Nigeria today."
Guaranty Trust Bank plc was voted the most respected company in Nigeria for 2007 by PricewaterHouseCoopers and BusinessDay newspapers. The Bank was also recently recognized as the Most Customer Friendly bank, Bank of the Year and the Best Bank in Corporate Governance at the 2008 Vanguard Bankers Award.
30 May 2008
Enquiries
Guaranty Trust Bank plc +234 1 2714591, 2715227
Lola Odedina, Head Communication & External Affairs
College Hill Associates +44 (0) 20 7457 2020
Francesca Tuckett
Tony Friend
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