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GT Bank Records over 40% Growth for 2008

May 13, 2009, 6:49 AM | Article By: Sainey M.K. Marenah

The overwhelming confidence and trust of customers on Guaranty Trust Bank (Gambia) Limited as well as Staff determination to excel amidst odds, have yielded another remarkable Financial performance for the bank for the Financial year ended December 2008. In a year characterized by the worst global financial crises when most banks produced - little or no growth in performance, GT Bank recorded over 40% growth in balance sheet while its profit before tax grew by 21% over 2007 figures.

This Press Release was made available to the media during a Press briefing on Monday convened by the Board of Directors at the office Headquarters along Kairaba Avenue.

The release stated that the bank's Financial result for the year 2008 showed an upward growth in the Balance sheet from D1.7 billion in 2007 to D2.4 billion in 2008 representing a growth of 40%. The bank also continued to avail quality credit to its customers as its loan book which was D395, 000 million in 2007 grew to D421 million in 2008. By implication, the bank's customer's base increased while money made available to the business sector of the Gambian economy also increased, thus boasting trade and private sector development.

However, the release further went on that in terms of profitability, the bank's gross earning grew by 41% from 194 million in 2007 to 274 million as at December 2008 while profit before tax (PBT) which was D58 million in 2007 closed at D70 million. In 2008 respectively. Compared to 2007 when the bank paid 18 bututs per D1 share as dividends, shareholders of the bank approved the payment of 21 bututs per D1 share for the year ended December 2008.

According to the release, the Financial report also confirmed GT bank as a bank that is efficiently utilizing its resources and providing good returns to its share holders, the bank achieved a return on asset (ROA) of 47% (same in 2007) and a return on equity (ROE) of 22% (37% in 2007). Expectedly, ROE dropped due to increase inequity during 2008 by Insurance of additional 40 million shares at 1.88 per share.

Commenting on the financial report, the Managing Director GT Bank Mr. Lekan Sanusi said the result manifested the level of the professionalism and determination imbued in the Management and start of the bank despite the global financial crisis which undoubtedly on the local economy, GT Bank stands squarely to produce this admirable performance.

He commended staff for their hard work and assured the customers that the bank would continue to add value into their line of business.

"With a total balance sheet (BS), we are happy to be one of the three "by" banks in the country today, at the end of December 2008, SCB reported a total BS of D2, 797 billion and TBL reported D2, 794 billion. GT Bank is not only big one but also achieved growth both in size and profitability in a year.

After all, the essence of business is the value created for share holders not just size," he concluded.

Also speaking to journalists during the press briefing, questions and answers, from Managing Director GT Bank Mr. Lukan Sanusi Said as the world continue to face the world financial crisis, but GTB have managed to record 40% while local markets are rebounding. He also told journalists that they adopted a house at Bakoteh orphanage for 10 0rphans amounting to $8,000.

GTB Managing Director revealed that at GTB they don't joke with innovation while assuring customers of more solutions.

Issues about the ATM was brought up. In the case of ATM they look into the transaction volume of the Business.

According to him, UT employed more than 200 staff.

Also speaking at the press conference were Mr. Minkailou Semega - Janneh and Chairman Board of Directors.