Path to success of firms, others, by bank chief

NO organisation in the world can be profitable if its customers do not believe and support its vision, African Banker of the Year and Chief Executive Officer of Guaranty Trust Bank Plc, Mr. Segun Agbaje, has said. According to him, “there is a direct relationship between a company’s level of profitability and public perception about its brand. When people see a brand as a valued partner, they continue to do business with it, which ultimately translates to profitability. Companies on the other hand have a responsibility to ensure their customers are satisfied at all times and treated with respect. This knowledge is the base rock upon which our 2012 performance is hinged.” Agbaje, who spoke just days after the bank published its audited 2012 results, attributed its successful outing during the financial year to customer loyalty. GTBank’s results for the 2012 financial year showed a Profit Before Tax of N103 billion, the highest for any Nigerian bank from continuing operations at both bank and Group levels. The Group’s results also show improved Gross Earnings of N221.9 billion and 69 per cent improvement in Profit After Tax to N87.3 billion; (2011: N51.7 billion). The bank closed the 2012 financial year with an On-Balance Sheet size of N1.73 trillion (2011: N1.608 trillion) while total assets and contingents stood at N2.26 trillion (2011: N2.14 trillion) representing a growth of 8 per cent and 6 per cent respectively. Additionally, the bank’s stance as an upstanding social citizen and commitment to full disclosure was evidenced by its 2012 tax liabilities, which came to over N16.3 billion, while total dividend payment for the financial year is projected at N45.62 billion (N1.55 per ordinary share of 0.50 kobo each). Agbaje confirmed that the bank would continue to introduce products and alternative channels that will allow the public to undertake their banking activities quickly, safely and conveniently. It was established in 1990 and has over 200 branches within the country and has banking subsidiaries in Cote D’Ivoire, Gambia, Ghana, Liberia, Sierra Leone and the United Kingdom. In recognition of it service standards, management quality and financial performance, it has been the recipient of numerous awards over the years that most recently include the Best Bank in Nigeria Award for the fourth consecutive year from Euromoney Magazine and the Best Bank in Nigeria Award from EMEA Finance.

By Adeniyi Adunola