GTBank named Best Bank in Africa at Euromoney Awards
Foremost African financial institution Guaranty Trust Bank Plc has been named the Best Bank in Africa 2019 by Euromoney at its annual Awards for Excellence, which was held at the London Hilton Hotel, Park Lane.
GTBank is the smallest in the Tier 1 category but has remained the most profitable, and the industry’s cost leader. GTB’s statement of financial position remained strong as it closed the first quarter with total assets of N3.556 trillion. Its shareholders’ funds rested at N627.2 billion making it one of the highly capitalised operators in Nigeria.
In terms of assets quality, the NPL ratio and cost of risk were 7.03% and 0.05% at the end of the first quarter in 2019 from 7.30% and 0.34% in the financial year 2018 respectively.
The bank’s coverage for NPL stood at 90.12% while with a 22.25% capital adequacy ratio. From investors’ perspective, GTB provides a strong investment case with post-tax return on equity (ROAE) and return on assets (ROAA) at 32.79% and 5.76% respectively.
GTB was also named the Best Bank in Nigeria for a record ninth time, reflecting the Bank’s position as one of the best managed financial institutions in the country, with strong and focused leadership that keep the business in a constant state of reinvention and innovation.
Now in its 50th year, Euromoney is the leading publication for covering the growth of international finance. Euromoney’s Awards for Excellence are the awards that matter to the banks and bankers who matter.
This year, Euromoney received almost 1,500 submissions from banks in an awards programme that covers 20 global awards, more than 50 regional awards, and best bank awards in close to 100 countries.
The Magazine’s Awards for Excellence celebrates the best banks around the world by recognizing institutions that have demonstrated leadership, innovation, and momentum in the markets they operate.
In selecting its award recipients, Euromoney combines quantitative and qualitative data to honour institutions that have brought the highest levels of service, innovation and expertise to their customers.
Key to the emergence of GTBank as the Best Bank in Africa and the Best Bank in Nigeria is the Bank’s digital drive and its clarity of vision in reimagining the future of banks and banking.
The Euromoney awards also recognized GTBank’s commitment to leading the future of banking as well as its consistent long-term strategy led by a senior management team that abhors complacency and keeps the business in a constant state of innovation.
Commenting on the awards, the Chief Executive Officer of GTBank, Segun Agbaje, said; “We are delighted and proud to win the Euromoney Awards for Africa’s Best Bank and Nigeria’s Best Bank.
These awards reflect the progress we are making in delivering the best banking experience that captures what customers want in the world of today and tomorrow. They are also a testament to our leading role in driving world-class corporate governance standards, excellent service quality and innovation in Africa’s banking industry.”
He further stated that; “At GTBank, we are passionate about building the bank of the future by leveraging the best of technology to add real value to our customers’ lives, and these awards illustrate the hard work and commitment of our staff, management and board towards achieving this goal.”
GTBank has consistently played a leading role in Africa’s banking industry. The GTBank brand is regarded by industry watchers as one of the best run financial institutions across its subsidiary countries and serves as a role model within the financial service industry due to its bias for world-class corporate governance standards, excellent service quality and innovation.
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