By Obinna Chima, 08.10.2010
The unaudited second quarter result of Guaranty Trust Bank Plc for the period ended June 2010, has shown a remarkable growth by 108 per cent in its profit after tax to N18.224 billion.The figure represented an improvement by N9.466 billion, compared with the N8.758 billion it realised in the same period of 2009, the result which was released by the Nigerian Stock Exchange (NSE) on Monday has shown.
Its profit before tax also appreciated significantly by 209 per cent to N25.722 billion during the period under review, as against the N8.325 billion it achieved last year. However, the bank’s turnover slipped slightly by 8.4 per cent from N90.595 billion at the second quarter of last year, to N82.962 billion mid year 2010. G T Bank which was one of the banks that scaled the through Central Bank of Nigeria’s stress test last year, has ascended to the top tier of banks in the country as it has continued to display deep commitment to its reputation and fundamental beliefs.
According to the Head of Research, BGL Securities Limited, Mr. Femi Ademola, the bank’s performance is a reflection of its historical customer care culture, adding that its strong information technology platform has also influenced its growth.Ademola added, “GT Bank has built a legacy of good customer service. The bank is reputed to have a stringent risk regulatory framework for its creation of risk asset. GT Bank is the first bank in Nigeria that adopted the IFRS reporting standard that enables the full disclosure in the financial statement. The Bank has a successful track of transitions of Chief executives and its board has a significant number of non-executive directors who have independent status.”
Some representatives of shareholders association also lauded the performance of the bank. The President, Nigerian Constance Shareholders Association, Mallam Shehu Mikail, said shareholders have always expressed confidence in the bank because of the quality of its management board.