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GTBank Targets 20% Loan Growth for 2014

 

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Guaranty Trust Bank (GTBank) has revealed plans to grow its loan book between 15% – 20% this year. In order to achieve this, the bank has listed its target sectors to include telecoms, oil and gas, manufacturing and maritime.

The MD/CEO, GTBank, Mr. Segun Agbaje said this during the presentation of the Bank’s 2013 full year results to journalists in Lagos. He also assured stakeholders that profitability would be driven by loan growth. He said that also in this year, the bank would maintain low cost and ensure the growth of its subsidiaries.

He promises that the bank will remain at the forefront of the industry’s best practices, strong risk management and corporate governance. With a cost-to-income ratio of below 45%, he argued that the financial institution still remains the industry leader.

Agbaje is also targeting a 20% growth in retail deposits to maintain low cost of funding. He added that the bank would invest in technology and electronic banking to drive its retail base. He continued, “We shall continue to drive retail deposits, technology, and innovation to keep cost low. Our business strategy and objective is to be one of the top three banks in Africa by 2016. We shall also aggressively grow our market share in our chosen/priority sectors, with knowledgeable and highly driven staff with deep industry skills.

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