Guaranty Trust Bank Ghana (Limited) announces its 2010 financial results by recording positive earnings for the third consecutive year within its five-year operations in the country.

The Bank recorded a pre-tax profit of GHS16.8 million and a profit after tax of GHS11.5 million.

In the same year under review, the Bank also recorded increments in most of its indices. It grew its total assets by about 45 per cent i.e. GHS415 million compared to GHS286 million in 2009. Total liabilities also increased by about 61 per cent from GHS198 million in 2009 to GHS317 million in 2010.

The 2010 result, duly certified by the Bank’s auditors, KPMG, was prepared in compliance with International Financial Reporting Standards (IFRS) as prescribed by the Bank of Ghana.

The Managing Director of Guaranty Trust Bank (Ghana) Limited, Dolapo Ogundimu making public the result stated that, “Guaranty Trust Bank is happy to announce yet another good performance despite the fact that 2010 had been, generally, a difficult year due to the slow recovery from the global recession”. He added that the local business environment was also characterized by dwindling margins, sluggish activity within the real sector and keen competition in the banking industry.

Mr. Ogundimu further stated that GTBank had managed to record these modest results because of the confidence reposed in the Bank by customers and also due to prudent management practice, hard work, innovation and creativity in delighting customers. He explained, “We remain viable because our discerning customers gave us the opportunity to serve them and to this, we are most grateful”.

He explained that the Bank achieved this performance without compromising its standards of service, risk management and disciplined approach to doing business. Ranging from IT/Electronic banking, deposit mobilization and trade finance through staff training and capacity building to its corporate social responsibility activities, the Bank endeared itself to customers and stakeholders thus maintaining an appreciable level of patronage and business.

Moving forward in 2011, the year of the Bank’s 5th anniversary in Ghana, the Managing Director stated that, “We are perched on re-imagining the future afresh and recapturing the youthful daringness with which our founders started the Bank”.

“As we mark our fifth anniversary this year, it is only natural that, true to the Guaranty Trust form, we must engage with our customers more to know how to exceed their expectations”, he added.

Within the five years of its operations in Ghana, GTBank has become a reference point for good business practice and a role model in the financial services industry.