GTBANK to increase her targeted loan growth to 15-20% come 2014

TECHATLAST – Guarantee Trust Bank Plc. is a commercial bank and by status a foremost Nigerian financial institution with vast business outlays spanning Anglophone West Africa and the United Kingdom.

Guarantee trust bank reveals her agenda on increasing Targets of loan growth to 15-20% this year by increasing her targeted sectors to telecommunication companies, oil and gas, maritime and manufacturing sectors. Mr. SegunAgbaje the Managing Director/Chief Executive Officer of the institution made this clear during his presentation of his 2013 full year report to the journalists.

He added that “probabilities will be raised on loan growth”.

The GTBank boss also confirmed the bank would maintain low cost and ensure the growth of its subsidiaries this year.

“We shall persevere to improve deposits, our machinery, and encourage innovation to keep cost low,” he added.

In addition, Agbaje said the bank is aiming a 20 per cent growth in retail deposits to maintain low cost of funding, adding that it would invest in technology and electronic banking to drive its retail base.

“Our business strategy and objective is to be one of the top three banks in Africa by 2016. And our market leadership size up our franchise in Africa.

“Also, we shall ingenuously grow up our market share in our chosen/priority sectors, with knowledgeable and highly driven staff with deep industry skills,” the GTBank boss said.

GTBank audited full year results as at December 2013 showed that it recorded profit after tax of N90.02 billion, in lieu of a marginal progress by 3.1 percent, over the N87.30 billion it stood at in the corresponding period of 2007. The bank also attained profit before tax of N107.09 billion, revealing a 3.9 percent growth, as in opposition to the N103.03 billion it was in 2012.

The bank’s loan book was N1.008 trillion in 2013, increased from N783.91 billion in 2012, while its interest income stood at N185.38 billion in the year under assessment, as against the N170.30 billion attained the previous year.

“The recent force in the company is for long-drawn-out expertise in functions with an aim to achieve 40 per cent cost-to-income ratio by 2016,” he said.

GTBank successfully completed its acquisition of Fina Bank and its subsidiaries. The banks have been re-branded to Guarantee Trust Bank, known as GTBank Plc.

According to him, “Fina Bank was already a profitable venture prior to acquisition and we are confident that it will be a lot more lucrative, well-organized and inventive under the GTBank umbrella.”

Reporting; .keemBolaji. Fortnox

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