12 May 2009 12:30
Guaranty Trust Bank plc
Unaudited results for the quarter ended March 31, 2009
The Board of Directors of Guaranty Trust Bank Plc is pleased to announce the Bank's
unaudited results for the quarter ended March 31, 2009, under Nigerian GAAP.
| Quarter Ended | 3 Months Ended | Increase/ | ||
| March 31, 2009 | March 31, 2008 | (Decrease) | ||
| 3 Months | 3 Months | |||
| (N'000) | (N'000) | (%) | ||
| Gross Earnings | 35,808,359 | 23,038,238 | 55 | |
| Profit Before Tax | 12,635,175 | 8,531,606 | 48 | |
| Estimated Taxation | 3,158,794 | 2,730,114 | 16 | |
| Profit After Tax | 9,476,381 | 5,801,492 | 63 |
The Bank recorded an improvement in its financial results relative to the corresponding period last year. Barring unforeseen circumstances, Management is confident that this trend would be maintained in the remaining periods of the financial year.
Enquiries:
| GTBank | +234-1-2714591 |
| Lola Odedina, Head, Communications & External Affairs | |
| Pascal Or | |
| College Hill | +44 20 7457 2020 |
| Richard Pearson | |
| Peter Pantlin |
Notes to editors
The Group operates as one of the leading Nigerian banks offering a wide range of financial services and products throughout Nigeria and in the West African sub-region. According to the most recently published audited financial statements of Nigerian banks prepared in accordance with Nigerian GAAP, among Tier 1 banks in Nigeria as identified by Agusto & Co., the Bank is the most profitable bank measured in terms of return on assets, the most efficient bank measured in terms of cost to income, has the second best asset quality measured in terms of non-performing loan ratio and, among all banks in Nigeria, the Bank is the sixth largest bank in terms of total assets.
Historically, the Group has focused its business on large- and medium-size corporate clients. However, the economic reforms that followed Nigeria's return to democracy in 1999 led to an increase in liquidity of retail customers and a corresponding increase in demand by such customers for banking services. As a consequence, since 2005, the Group has placed an increasing emphasis on building its retail business. Initially the Group targeted only high-end retail customers that were employed by large, reputable companies. Recently, the Group has re-branded itself to emphasise its retail focus, in particular its evolution as a bank with a nationwide network and focus on the provision of banking services to nearly all segments of the Nigerian economy.
The Bank has five banking subsidiaries established outside of Nigeria - Guaranty Trust Bank (Gambia) Ltd ("GTB Gambia"), Guaranty Trust Bank (Sierra Leone) Ltd ("GTB Sierra Leone"), Guaranty Trust Bank (Ghana) Ltd ("GTB Ghana"), Guaranty Trust Bank (Liberia) Ltd ("GTB Liberia") and Guaranty Trust Bank (United Kingdom) Ltd ("GTB UK"). The Bank services its customers from 154 branches in Nigeria, as well as other branches of its subsidiaries throughout the region.
The Bank also has five non-banking subsidiaries: Guaranty Trust Assurance Plc ("GTB Assurance"), which provides insurance services in Nigeria, GTB Registrars Limited ("GTB Registrars"), a securities registrar, GTHomes Limited ("GTHomes"), which provides mortgage services, GTB Asset Management Limited ("GTB Asset"), which provides asset management and other investment services and GTB Finance B.V. ("GTB Finance"), a finance subsidiary located in The Netherlands. In each of the past three years, profit from the Bank accounted for over 90.0% of the Group's total income.
www.gtbank.com