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B N W: Biafra Nigeria World News |
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GTB capital base hits N34b
AS banks battle to meet the new N25 billion capital base expected to become operational next year, Guaranty Trust Bank (Plc) may have been spared the rush to meet the directive.
Reason: The bank's capital base has hit a N34 billion mark.
Going by the results of its recent public offer released yesterday, the bank raked in about N21.20 billion from a projected N10.6 billion public offer, which saw investors putting the subscription level at 211 percent.
With the offer's subscription level, the bank's financial base and solid liquidity position with regards to recent industry reforms, consolidation and re-capitalisation exercises as envisioned by the apex bank is therefore anticipated.
The bank's recently audited 2004/2005 half-year financial results showed that its net assets (shareholders' funds) have grown to N12.6 billion as at August 31, 2004, up from N11.6 billion on February 29, 2004.
According to Tayo Aderinokun, the bank's managing director: "The bank is certainly in excellent shape and all aspects of our business continue to grow. This is a significant eight per cent growth in asset base within the last six months."
The cumulative effect of the outstanding financial performance officials say, is a capital base well in excess of the N25 billion minimum capital prescription by the CBN.
The bank, according to Aderinokun, maintains a unique record of being the only Nigerian bank that pays dividends to its shareholders twice in a year.
The bank recently retained the industry's top tripple A rating, according to the latest Agusto & Co. 2004 bank rating report, which also remarked that: "This tripple 'A' rating shows that GTB is a financial institution of impeccable financial condition and overwhelming capacity to meet obligations as and when they fall due.
"It also means that adverse changes in the environment whether they be macro-economic in nature, political or regulatory are unlikely to lead to a deterioration in the financial condition or an impairment of the ability of the bank to meet its obligations as and when they fall due."`
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