GTBank growing businesses across Africa’s markets- chairman – Blueprint newspapers Limited

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Chairman board of directors of Guaranty Trust Bank Plc Osaretin Demuren has said the bank is making progress in growing businesses across selected and high growth African markets.The chairman who made this statement in Lagos during the bank’s annual  general meeting said “we believe that our commercial success depends on the prospects of Africa and we in turn play a significant role as a catalyst for her growth.Speaking further, she said GTBank subsidiaries across nine African countries and United Kingdom, contributed 12.1 per cent or N26.1 billion to the group profit before tax compared with 8.7 per cent or N17.4 billion reported in 2017.She said this growth recorded inspite of the regulatory headwinds and the challenging business environment in the subsidiary countries. An analysis of the subsidiary performance for the period showed  that Guaranty Trust Bank United Kingdom grew its profit by 55 per cent from N0.9 billion in 2017 to N1.4 billion while total assets rose by four per cent to N213.6 billion from N204.8 billion in the comparable period of last year.Also GTBank , Cote D’ Ivoire Limited recorded 223 per cent growth in profit before tax from N0.14 billion in 2017 to N0.47 billion in 2018, with the customer deposits increasing by 31 per cent from N12.1 billion in 2017 to N15.8 billion.However,  Guaranty Trust Bank Ghana Limited showed an increase in profit by 77 per cent from N9.3 billion in the preceding year to N16.5 billion at the end of 2018 financial year while customer deposits grew by 13 per cent from N110.1 billion to N123.9 billion within the period under review. Guaranty Trust Bank (Sierra Leone) Limited recorded a 40 per cent increase in profit from N2.9 billion in the preceding year to N4.1 billion while customers deposit surged by 18 per cent to N32 billion from N27.1 billion in the comparable period of last year. The balance sheet of GTBank Liberia Limited remained strong with 10 per cent growth in total assets from N36.5 billion to N40.1 billion, but profit before tax declined by two per cent to N1.74 billion from N1.77 billion in the 2017. The decline in.profit was due to the deterioration of the value of the local currency and the scarcity of foreign exchange, both significantly dampened the over all business activities in the country. In Guaranty Trust Bank Gambia Limited, the total assets rose by 26 per cent to N44.3 billion from N35.1 billion in the preceding year while the profit before tax down by 33 per cent to N1.1 billion from N1.6 billion in the comparative period of 2017.