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  • Euromoney pronounce GTBank as best bank in Nigeria

    Guaranty Trust Bank Ltd (“Guaranty Trust” or “the Bank”) has been named Best Bank in Nigeria at the Euromoney Awards for Excellence 2023.

    This marks a record 12th time that Guaranty Trust Bank has been recognised as the leading financial institution in Nigeria.

    Announcing the award, Euromoney stated: “Nigeria’s Best Bank, Guaranty Trust Bank, has continued to do a good job of convincing investors that it is better placed than its key competitors to deal with the risks ahead and perhaps to take advantage of opportunities in economic and policy transition.”

    Despite a difficult operating environment, the Bank continues to deliver exceptional results as the flagship franchise of Guaranty Trust Holding Company Plc, which recorded a profit before tax of ₦214.2billion, pre-tax Return on Equity (ROAE) of 23.6%, and Cost to Income Ratio (CIR) of 48.0% for the period ended December 31, 2022.

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    Guaranty Trust Bank Named Best Bank In Nigeria By Euromoney

    Euromoney is the leading authority for global banking and financial markets and the annual Awards for Excellence celebrates financial institutions that demonstrate leadership, innovation, and resilience in the markets they operate.

    The latest recognition underscores Guaranty Trust’s position as the leading financial institution in Nigeria.

    Commenting on the award, Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said, “We are honoured to be named the Best Bank in Nigeria by Euromoney. This recognition reflects our unwavering commitment to the values of excellence and innovation which form the bedrock of our value proposition as an institution and has guided the mother-brand to achieve remarkable success for over 30 years.

    As part of a thriving financial holding company, we will continue to prioritise service delivery and innovation whilst maintaining our strong financial performance.”

    Guaranty Trust Bank is widely regarded as the best-managed financial institution in Nigeria and continues to post the best metrics in the Nigerian Banking industry in terms of key financial ratios. Its leadership in the banking industry and efforts at empowering people and communities has earned it many prestigious awards over the years.

    ​​The Bank was recognized as Africa’s Best Bank and the Best Bank in Nigeria at the 2021 Euromoney Awards for Excellence. It also retained its position as Africa’s Most Admired Financial Services Brand in the 2021 ranking of The Brand Africa 100: Africa’s Best Brands.

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  • IFC loans $15 million to GTBank

    International Finance Corporation (IFC) has extended $15 million loan to Guaranty Trust Bank (Kenya) Limited, a subsidiary of the Guaranty Trust Group, for on-lending to local businesses in the country.

    GTBank Kenya will provide access to finance mainly to small and medium-sized enterprises (SMEs) in the trade, consumer goods, pharmaceuticals, and manufacturing sectors, among others, helping them retain and create jobs, and strengthen their operations.

    IFC’s $15 million loan to GTBank Kenya is part of the $8 billion IFC Fast Track Covid-19 Facility launched in 2020. The facility is designed to support existing IFC clients in emerging markets affected by the economic fallout from Covid-19.

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    The managing director, GTBank Kenya, Olabayo Veracruz said: “the IFC loan will help the Bank meet the working capital and trade-related needs of businesses, especially SMEs that are part of our core clientele.

    “These businesses were adversely affected by the pandemic and are now recovering and reviving as the economy opens up, therefore requiring the support of the Bank through access to credit.”

    Veracruz stated that, “we hope to on-lend the facility to customers in the trade, FMCG, manufacturing, and pharmaceutical sectors primarily to fund working capital needs over the next year.”

    The IFC country manager for Kenya, Amena Arif, said: “IFC is committed to supporting Kenya’s private sector, including strengthening its financial sector in order to help the country’s smaller businesses to access more financing.

    “Our partnership with GTBank Kenya will deliver funds to businesses, allowing them to emerge stronger from the COVID-19 crisis.”

    Pandemic-related disruptions caused Kenya’s real GDP to contract in 2020, with the country’s smaller businesses hit hard by supply chain disruptions and reduced economic activity.

    Although Kenya returned to pre-pandemic growth levels in 2021, 2022 is also proving challenging and smaller businesses still need added support to weather ongoing uncertainties.

    IFC is committed to supporting Kenya’s long-term economic growth. IFC’s investment portfolio in Kenya stood at $940.1 million as of June 30, 2021 with most investments in the finance, manufacturing, agribusiness, and services sectors.

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