GTBank Targets 20% Loan Growth in 2013

In line with its determination to contribute to the growth of the Nigerian economy through increased lending, Guaranty Trust Bank (GTBank)Plc will grow its loans by 20 per cent in the current financial year. The bank recorded net loans of N784 billion in the 2012 financial year, showing about 11 per cent growth over the previous year’s level.

However, the Managing Director/Chief Executive Officer of GTBank, Mr. Segun Agbaje, said in Lagos Tuesday the loans would see a growth of 20 per cent this year.

Speaking to journalists on the 2012 performance of the bank and outlook for 2013, Agbaje noted that GTBank would create more quality risk assets in the year.

According to him, the bank would also boost its retail banking operations by increasing its branches by 45 this year. Another major target going forward is to increase its retail customer base from 4.4 million to 10 million by 2016.


He said in consolidating its leading position in the industry, the bank would continue to drive its operations through retail focused products and making the customer the central focus.

Having groomed its African fanchise into profitable businesses, Agbaje said the next focus of the bank in the future would be the Eastern part of Africa suchs as Kenya, Uganda and Tanzania.


The GTBank boss declared that the overall aspiration of the bank is to be one of the top three banks in terms of absolute profitability by 2013.

According to him, already GTBank has been a leader in Nigeria in terms of profitability and return on equity(ROE). While the ROE was 23.6 per cent in 2012, it rose to 33 per cent in 2012.

He disclosed that apart from Nigeria, GTBank also led other banks in Africa in 2011 in terms of ROE and was second among banks in the BRIC and other peer countries.


http://www.thisdaylive.com/articles/gtbank-targets-20-loan-growth-in-2013/145774/

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