Guaranty Trust Bank Nigeria’s 2012 Profit Jumps as Loans Grow

Guaranty Trust Bank Plc (GUARANTY), Nigeria’s largest lender by market value, said full-year profit jumped 69 percent as loans and deposits grew.

Profit, after tax and income from discontinued operations, rose to 87.2 billion naira ($550 million) through December from 51.7 billion naira a year earlier, the Lagos-based lender said in a statement today on the website of the Nigerian Stock Exchange. Revenue advanced 22 percent to 221.9 billion naira as loans and advances increased 11 percent to 783.9 billion naira. Deposits grew 10 percent to 1.17 trillion naira.

Guaranty Trust planned to grow its loan book 15 percent in 2012 and achieve a return on equity of 25 percent, Chief Executive Officer Segun Agbaje said in March last year. The lender said at the time it would expand to as many as seven African countries within the next five years.

The bank’s shares were up 5.2 percent to 27.45 naira at the close in commercial capital, Lagos, the highest on record. Guaranty Trust has advanced 19 percent this year compared with the 25 percent gain of the Bloomberg NSE Banking Index (NGSEB10), including the top 10 banks by market value.

To contact the reporter on this story: Chris Kay in Abuja at ckay5@bloomberg.net

To contact the editor responsible for this story: Vernon Wessels at vwessels@bloomberg.net

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