GTBank targets 3rd position in Africa by 2016

Guaranty Trust Bank GTBank has set strategies to be the top three banks in Africa by year 2016.
Managing Director GTBank Segun Agbaje who disclosed this in Lagos during the presentation of its 2013 full year results also said the bank plans to grow its loan book between 15 and 20 per cent this year.

For the bank to achieve the growth, it listed telecoms, oil and gas, manufacturing and maritime as its target sectors. .
Assuring stakeholders that profitability would be driven by loan growth he said the bank would maintain low cost and ensure the growth of its subsidiaries this year.

He said that the bank would remain on the forefront of industry’s best practices, strong risk management and corporate governance with cost-to-income ratio below 45 per cent, speaking further, he said “We shall continue to drive retail deposits, technology, innovation to keep cost low.”
Agbaje said that the bank is targeting 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. Our market leadership scale up our franchise in Africa.
“We shall also aggressively grow our market share in our chosen/priority sectors, with knowledgeable and highly driven staff with deep industry skills,” the GTBank boss said.

The bank’s audited results for the financial year ended December 31, 2013 showed that it recorded profit after tax of N90.02 billion, representing an increase of 3.1 per cent, over the N87.30 billion it recorded in the corresponding period of 2012.

The bank also realised profit before tax of N107.09 billion, reflecting a 3.9 per cent growth, as against the N103.03 billion it was in 2012.
The bank’s loan book grew to N1.008 trillion in 2013, from N783.91 billion in the preceding year, while interest income stood at N185.38 billion in the year under review, as against the N170.30 billion recorded the previous year.

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