Guaranty Trust Bank on the 30th November 2017 emerged as the winner of the Bankers Award for Nigeria. GTBank as its fondly called is the 2017 Nigeria’s Bank of the Year. The Leadership led by Segun Agbaje chaired the group operations through a 2016 review period with a surge in net profits by 37% while total assets and tier capital rose by 23%. In a sign of just how well the Guaranty Trust Bank performed in the review period, its Return on Equity rose to 28% from 25% while its Cost to Income Ratio fell to 40% from 44% thanks to its commitment to business process re-engineering as GTBank is the only Nigerian that is credited with having a full department focused on BPR processes for the Total Quality Management of the Organization.
In a statement issued by the Chief Executive, Segun Agbaje accepting the award, he said “The year 2016 was particularly challenging given the weakness of the naira, depressed oil earnings and inadequate supply of foreign exchange, all of which culminated in the eventual slide of the Nigerian economy into recession. However, we played to our strength by leveraging technology to deliver superior payment solutions, grow our customer base and enhance our service delivery channels to make banking with us simpler, faster and better,”
The bank’s outstanding success in the e-payments space is an example of the role that market-beating innovations are playing in its longer term growth story. About 10% of Guaranty Trust Bank’s 2016 profit before tax came from e-payment services, of which ‘Bank 737’, a USSD delivery channel, has played no small part. This service allows any Nigerian to open an account without a minimum balance requirement and to execute transfers and pay bills remotely. Since its launch, the service has gained 3 million customers and facilitated N1000bn ($2.77bn)-worth of transactions.
“We are transforming our organization into a platform for enriching lives by positioning ourselves at the centre of an extended ecosystem that offers our stakeholders benefits beyond banking,” says Mr Agbaje