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Another record- breaking for GTBank Friday, May 04, 2007 The overwhelming confidence and trust of customers on Guaranty Trust Bank (Gambia) Limited has yielded a record-breaking financial performance for the financial year ended December 2006. The bank recorded over 100% growth in financial performance, compared to 2005. According to reports from the Head of Corporate Affairs Unit, GT Bank financial results for the year 2006, which has been duly signed by the Board of Directors and approved by the Central Bank of The Gambia (CBG) showed that the bank closed the year with a Total Balance Sheet of D959 million, comprising total asset of D736 million and contingent’s of D223 million. Reports added that when compared to the performance of the bank in 2005, the above figures represent an increased of 102% in total balance sheet (2005: D474 million), 87% increased in Total Asset (2005: D396million) and 187% increased in Contingent’s (2005: D78million). By implication asset which was D61 million in 2005 increased to D75million in 2006. Similarly, the bank recorded a remarkable growth in its profitability and value added. Gross Earnings of the bank which was D68million in 2005 increased by 65% to close at D112million in 2006. In the light of this performance, earnings per share rose to 34 Bututs per share, compared to 14 Bututs earned in 2005. GT Bank with the approval of CBG declared a dividend of D5million to its shareholders, translating to about 8 Bututs per each unit of share of 1 Dalasi. Mr. Lekan Sanusi, Managing Director of GTBank said:“ 2006 was a good operating year for the bank in all facets and indicators. Our number of branches grew from 3 to 5, and our number of customers increased phenomenally, which by implication, led to over 100% increased in our deposit base and total asset, in an industry which recorded 20% growth in asset”. Mr. Lekan added that GT Bank as an institution, reveals and confirms the overwhelming confidence that its customers have reposed in them as a financial partner. “We appreciate the contribution of everybody towards this exciting 2006 financial result, and for banking on us, our promise is that, we would remain that strong bank that all Gambians would continue to be proud of. The bank is also aware of the fact that, this impressive performance can only be achieved against the backdrop of considerable energy and sacrifices from its staff, most especially, in the light of the growing competition, shrinking margins and increasing cost of doing business,” he concluded.
Author: Written by Lamin M Dibba Source: The Daily Observer Newspaper |
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