The GTB magic formula on modern banking

The GTB magic formula on modern banking

                          By Emmanuel Udom

 All over the world, the business of banking is always anchored on trust. It really could not be the other way round as individuals, corporate bodies, government agencies, business enterprises and religious bodies, etc must trust their banks enough to be able to part with their hard earned money.

 The bottom-line is money, investments, trust, profits, and transparency in service delivery, which over time could translate to more customers, investors, quality staff and more business dealings for the bank

 It was former governor of Central Bank of Nigeria, Prof Charles Soludo that collapsed about 50 banks operating in the country to 25 in an attempt to sanitize the banking sector. Today, checks reveal that the sector is better for it as the capital base for banks in Nigeria has hit N5triillion, with   our ranking of solid banks operating in the world placed at 300 positions.

 Guaranty Trust Bank Plc is one of the 25 banks in Nigeria that successfully scaled the Soludo post bank consolation hurdles and emerged even better in terms of service delivery and other indices.

 Documented facts and figures sourced from the website of the bank and other credible sources showed that in July this year, in accordance with the directive from the Central Bank  of Nigeria, GTB, like other banks in the country successfully migrate to the 10 digit NUBAN account number in order to provide seamless and efficient inter bank transfer

 Under the leadership of Segun Agbaje as the managing director, the bank, which was granted license by the CBN to operate at the international level, got a gross earning of N188.8billion in 2011, profit before tax of N65.6billion, and profit after tax of 52.7billion. This represents a 35.4% improvement over the audit report of 2010, which stood at N38.3billion

 Adeyemo Babatunde, a shareholder with the bank praised the Segun Agbaje led GTB for consistently paying dividends, bonuses and other benefits to it shareholders, insisting that with the total assets of the bank at N2.1trillion in 2011, from N1.6trillon for 2010, and a balance sheet of N1.6 trillion, the bank is healthy enough to stand the stress and strains of our economy.

 A peep at the Nigerian stock market sheet recently showed that the shares of the bank is presently selling at N17.04k per share, which has attracted investors, who are eager to reap from the bountiful dividends expected to be declared soon.