3 Reasons Why GT Bank is Bank of the Year Again

Idris Abubakar
December 11, 2018
3 Reasons Why GT Bank is Bank of the Year Again

GT Bank, one of Nigeria’s too big to fail banks, has just scooped up the coveted “Bank of the Year” award at this year’s Banker’s Bank of the Year Awards. The award recognizes the growth and strides the company has recorded in Nigeria and Sierra Leone. This makes it the second time in a row GT Bank has won the award.

While receiving the award, GT Bank’s CEO, Segun Agbaje said, “these awards serve as further motivation for us as we continue to go beyond traditional banking services by creating innovative digital services that are less about us as bank and more about our customers and how we empower them with everything that they need to better their lives.”

It’s a modest corporate statement, but no less interesting. Over the last few years, GT Bank has positioned itself as a key innovator and player in the Nigerian financial sector. Here are three key reasons why the bank deserves its latest accolade.

GT Bank Continues to Remain Highly Profitable

When a bank’s reputation continues to grow hugely, you can always point to one important metric: revenue and profits. GT Bank is widely regarded as Nigeria’s most profitable bank and over the last 12 months it has continued to live up to this fame.

In Q3 financial period, the bank revenue was N237 billion. Although that represented an N11 billion drop year on year, the bank’s profits before and after tax soared impressively. Profit before tax in Q3 soared 9.3% at N164 billion, while profit after -tax grew N142 billion. These are pretty impressive growth figures.

GT Bank Continues to be Fun and Social

Many banks struggle to attract customers, particularly the young crowd. But not GT Bank. Over the last 12 months, the company has maintained its reputation as the country’s most sociable bank.

GT Bank has held several social events since the start of the year, attracting thousands and helping to grow its brand value along the line.

Some of its many social events this year include the GT Bank Food and Drinks Fair and The GT Bank Fashion Weekend. By the way, these events were free.

And recently too, it launched Habari, a new platform for music, shopping and lifestyle content. It was launched to provide more valued added services for millennial customers.

Assets Keep Growing

GT Bank may not be the largest bank by customer, but it certainly is one of the largest by assets. In 2016, the bank held assets worth N3.16 trillion. And at the start of 2018, that has grown to N3.351 trillion. At this rate, its assets are expected to rise by the time full year financial statements are revealed.

These are key metrics that show the strength and growth of financial services provider, and GT Bank has them in abundance.

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Idris Abubakar

Idris Abubakar

Abubakar Idris has interests in all things web, business and tech innovations. I write to inform.

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