Thursday, May 15, 2025
Ghana News Online
Advertisement
  • News
    The Value of Friendship in Life

    Ban sugary snacks, carbonated drinks in Ghana schools – Pastor Alao-Caesar

    Mahama appoints Dr Randy Abbey as acting COCOBOD CEO

    NDC primaries: No tie in Ketu North, Edem Agbana declared the winner

    NDC primaries: No tie in Ketu North, Edem Agbana declared the winner

    Don’t Politicize the Civil Service

    Don’t Politicize the Civil Service

    The Magic of improved sex life

    The Magic of improved sex life

    So It’s a New Year – Pastor Alao-Caesar

    So It’s a New Year – Pastor Alao-Caesar

    Trending Tags

    • Commentary
    • Featured
    • Event
    • Editorial
  • Politics
  • National
  • Business
  • World
  • Opinion
  • Tech
  • Science
  • Lifestyle
  • Entertainment
  • Health
  • Travel
  • News
    The Value of Friendship in Life

    Ban sugary snacks, carbonated drinks in Ghana schools – Pastor Alao-Caesar

    Mahama appoints Dr Randy Abbey as acting COCOBOD CEO

    NDC primaries: No tie in Ketu North, Edem Agbana declared the winner

    NDC primaries: No tie in Ketu North, Edem Agbana declared the winner

    Don’t Politicize the Civil Service

    Don’t Politicize the Civil Service

    The Magic of improved sex life

    The Magic of improved sex life

    So It’s a New Year – Pastor Alao-Caesar

    So It’s a New Year – Pastor Alao-Caesar

    Trending Tags

    • Commentary
    • Featured
    • Event
    • Editorial
  • Politics
  • National
  • Business
  • World
  • Opinion
  • Tech
  • Science
  • Lifestyle
  • Entertainment
  • Health
  • Travel
No Result
View All Result
Morning News
No Result
View All Result
Home Business

GTBank Group announces 2014 half year profit of $324m

by GHNewsOnline
August 30, 2014
in Business
0
GTBank Group announces 2014 half year profit of $324m
0
SHARES
85
VIEWS
Share on FacebookShare on Twitter

Guaranty Trust Bank plc, parent company of Guaranty Trust Bank (Ghana) Limited has announced a 2014 half year profit before tax of about $324 million, equivalent to N53.40 billion.

The amount represents a 7 per cent dip from the N57.4 billion (about USD348 million) recorded in the corresponding year 2013, due to loan impairment charged to the Profit and Loss account during the period.

READ ALSO

The Electricity Company of Ghana Must Fix Its Online Prepaid Purchase Problems

Oakadept, Accra’s Premier Printing, Branding, and Souvenir Firm

This impairment charge was as a result of a significant loan that the Bank decided to provide for following the demise of the obligor in line with GTBank’s laid down corporate governance practices.

A review of the audited financial results for the half year ended June 30, 2014 released to the Nigerian and London Stock Exchanges shows positive performance across key financial indices, despite extremely challenging business environment and increasing regulatory headwinds.

Gross earnings for the period grew by 7% to N132 billion (about USD801 million) from the N124 billion (USD753 million) reported for the same period in 2013.

The Bank’s loan book also grew by 16% from N899billion (about USD5.5 billion) recorded in June 2013 to N1.04 trillion (about USD6.3 billion) in June 2014 and total customer deposits increased by 8% to N1.54 trillion (about USD9.4 billion) as at June 2014.

Commenting on the results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr. Segun Agbaje attributed the Bank’s performance for the 2014 half year period to the hard work of its staff across all subsidiaries of the Bank, commitment of its Management Team and more importantly, continued support from its customers.

He further stated that the second half of the 2014 financial year will be a stronger period during which the bank will make positive improvements in its market positions across its key products and business segments.

A major objective for the Bank this year, as mentioned by Mr. Segun Agbaje, is to offer customers greater convenience and accessibility to the Bank’s services using internet and mobile solutions. “We have, to date achieved over a million downloads of our mobile banking app and experienced a 25% increase in active internet banking users in Nigeria alone”, he stated.

The Managing Director of Guaranty Trust Bank (Ghana) Limited, Mr. Lekan Sanusi, also commenting on the release of the group’s results stated that, “It is always a delight to see that our Bank is doing well, despite challenging business operating environments. This performance goes to once again assure customers and other stakeholders that they are doing business with a strong brand”.

The GTBank group has always been at the forefront of industry service innovations within markets wherein it operates, having successfully replicated its culture for excellence in banking subsidiaries in Cote D’ Ivoire, The Gambia, Ghana, Kenya, Liberia, Rwanda, Sierra Leone, Uganda and United Kingdom.

In recognition of its high service standards, sound management quality and strong financial performance, the Bank has been the recipient of numerous awards over the years that most recently include: the African Bank of the Year from African Banker, 2014 Best Banking website by Phillips consulting, 2014 Best Bank in Nigeria from Business Day, 2014 Best Bank in Nigeria and Best Bank in Africa from Euromoney Magazine.

It is noteworthy to mention that the Bank is the 1st Bank in Nigeria to receive the Euromoney Best Bank in Africa award.

In a related development, Guaranty Trust Bank Plc has boosted the liquidity position of its shareholders by announcing an interim dividend of N7.357 billion (about USD44.7 million) for the half year ended June 30, 2014.

The Bank has been consistent with its policy of paying shareholders interim and final dividends.

The current dividend, which translates into 25 kobo dividend per share, is similar to what was paid last year.

Signed by:
Ben Ackah-Mensah
Group Head, Corporate Affairs & Administration

Tags: GT Bank

Related Posts

The Electricity Company of Ghana Must Fix Its Online Prepaid Purchase Problems
Business

The Electricity Company of Ghana Must Fix Its Online Prepaid Purchase Problems

July 24, 2023
Oakadept, Accra’s Premier Printing, Branding, and Souvenir Firm
Business

Oakadept, Accra’s Premier Printing, Branding, and Souvenir Firm

July 15, 2023
Unfortunate Decision by Ghana’s Supreme Court: Stifling Progress towards Regulated Cannabis Legalisation in Ghana
Business

Unfortunate Decision by Ghana’s Supreme Court: Stifling Progress towards Regulated Cannabis Legalisation in Ghana

May 28, 2023
Surviving financially in a collapsing economy like Nigeria
Business

Surviving financially in a collapsing economy like Nigeria

December 1, 2024
HortiFresh West Africa releases report from the food sector
Agribusiness

HortiFresh West Africa releases report from the food sector

January 5, 2022
Ghana selected for the implementation of VIFAA programme
Agribusiness

Ghana selected for the implementation of VIFAA programme

September 23, 2021
Next Post
Ghana’s second FPSO vessel to be christened after late president Mills

Ghana’s second FPSO vessel to be christened after late president Mills

© 2020 GHNewsOnline.

No Result
View All Result
  • Homepages
    • Home Page 1
    • Home Page 2
  • News
  • Politics
  • National
  • Business
  • World
  • Entertainment
  • Fashion
  • Food
  • Health
  • Lifestyle
  • Opinion
  • Science
  • Tech
  • Travel

© 2020 GHNewsOnline.