Guaranty Trust Bank profits rise by 74%

by Richard Kilner

Story link: Guaranty Trust Bank profits rise by 74%

Guaranty Trust Bank, one of Nigeria’s most prominent banking organisations, has exceeded its expectations with a N27.4bn pre-tax profit for the financial year 2007/2008.

The profits represent a rise of 74% from the N15.7bn achieved a year earlier.

The firm’s financial results were revealed to the floor of the NSE (Nigerian Stock Exchange) and showed that earnings had soared to N78.8bn from N48.6bn the previous year, an increase of 62%.

Assets were also substantially increased, up 76% to reach N1.06 trillion.

Shareholder funds more than tripled, rising by 227% to total N163.3bn.

More good news for shareholders comes with the news that the bank’s directors are recommending plans to offer a bonus share for every eleven shares already held.

Guaranty Trust Bank operates from 130 branches within Nigeria, in addition to subsidiaries in Ghana, Sierra Leone, Gambia and the United Kingdom.