Guaranty Trust Bank Ghana recorded another impressive performance for the first nine months of 2019. The Bank’s recently published financials shows strong growth performance across all key indicators.
The Bank’s total revenue for the period stood at GHS 349M, representing an increase of 51.80 percent over the 2018 figure of GHS 230M while profit before tax stood at GHS 242M, representing a growth of 62.37 percent over the same period in 2018.
Commenting on the Bank’s performance, Chief Finance Officer of GTBank, Mr. Calleb Osei said, “GTBank’s performance during the first nine months of 2019 shows that we remain well-capitalized, solvent, liquid and profitable.
Our asset size has witnessed sustained growth, underpinned by increasing deposits and paid-up capital. Profitability performance has also remained strong on the back of improved operational efficiency. Other key financial soundness indicators showed broad improvements in September 2019 compared with the same period in 2018.”
He continued, “The Bank has sustained its growth momentum over the years by innovating ahead of the curve with digital banking products and services that offer unparalleled value to our cherished customers. Driven by a strong culture that is built on discipline, excellent customer service, technology and innovation, we are committed to continue offering customers superior value for their confidence in us.”
Strong performance
GTBank recorded growth on all its income lines – net interest income grew by 52% from GHS 119M in September 2018 to GHS 181M as at September 2019 resulting from significant improvements in the bank’s earning asset portfolio.
The Bank’s non-funded income rose by 52 percent as of September 2019 to close the third quarter at GHS 169M from GHS 111M over the same period last year.
Operating expenses grew marginally by 2.85 percent from GHS 96M to GHS 99M. This enabled the Bank to significantly reduce its Cost to income ratio from 39.20% in September 2018 to 29.00%.
The Bank closed the 3rd Quarter of 2019 with Total Assets of GHS 3.5bn, representing 55% growth compared to GHS 2.2bn at the end of December 2018.
The growth in total assets was primarily funded by a 61 percent growth in the Bank’s customer deposits on the back of increased customer confidence in the Bank’s operations. Earning Assets of the Bank stood at GHS 2.3bn at the end of September 2019; a 77 percent increase over the GHS 1.3bn recorded in 2018.
The Bank closed the quarter with a Return on Equity of 29.93 percent well above the risk-free rate of 14.16 percent. The situation was similar for Return on Assets (ROA) as the Bank recorded a Return on Assets of 9.08 percent at the end of September 2019; one of the highest in the industry.
GTBank has remained strong when it comes to liquidity with a liquid ratio of 91.64 percent; a clear indication of our strength in meeting customer demands. Capital Adequacy Ratio has also remained robust at 51.94 percent at the end of September 2019. The Bank’s Non-Performing Loans ratio stands at 5.13%, one of the best in the industry.
GTBank Ghana is a subsidiary of Guaranty Trust Bank PLC, an international award-winning bank in Nigeria with presence in the United Kingdom, Ghana, Uganda, Kenya, Liberia, Sierra Leone, Gambia, Rwanda and Ivory Coast.
The Bank was named Best Digital Bank of the Year by the International Center for Strategic Alliances (ICSA) and adjudged winner of Excellence in Innovation and Technology at the Ghana Business Awards.
GTBank was also named Customer Experience Bank of the Year at the Ghana Finance Innovations Award 2019.
