GTBank Ghana Outdo Competitors in 2009 - Survey

   GTBank Ghana has been said to outperform its competitors and bigger players in the industry after posting impressive results, the 2010 Ghana Banking Survey said.
The survey by PricewaterhouseCoopers aims to provide general information on Ghana’s formal banking sector and the performance of banks operating in the country.
According to the survey, profit levels of banks in Ghana have dropped from 30.4 percent in 2007 to 19.7 percent in 2009 but GTBank Ghana’s performance over the survey period was remarkable with the bank making significant strides by moving from the 24th position in 2007 to fourth position in 2009 whilst its loan book increased from 10.6 percent in 2007 to 19.3 percent in 2009 with a cost income ratio of 50%, which is below the industry average.
During the period, GTBank Ghana increased its net interest income by five times, from GH¢6 million in 2008 to GH¢29 million driven mainly by interest earned from loans and advances and unlike most banks, GTBank’s investment in government securities increased by only three percent in 2009.
Regarding the industry generally, the report further stated that there was a strong growth in deposits during the year. Deposits grew by 27 percent from GH¢7.6 billion in 2008 to GH¢9.5 billion. Between 2007 and 2008, the industry achieved only 10 percent growth.
GTBank Ghana is one of five Anglophone West African Subsidiaries of the Guaranty Trust Bank Group.