GTBank ramps up loans to customers in 2022


GTBank ramps up loans to customers in 2022

By Emeka Anaeto, Business Editor

In apparent cautious move, Guaranty Trust Bank intends to return on loans growth path in 2022 financial year after a significant slowdown it registered in 2021. The bank intends to expand its loan books by about N180 billion or 10 percent growth rate in the current financial year.

The bank’s loans and advances to customers closed at N1.8 trillion last year, compared to the N1.66 trillion in 2020, about 8.0 percent growth which was slower than the 10.7 percent growth it recorded in the COVID-19 dominated period of 2020.

The Managing Director of the Guaranty Trust Holding Company Plc, GTCO, Mr Segun Agbaje, told a section of the financial media last week that the bank was constrained from giving more loans last year by two main reasons, macro-economic headwinds and regulatory restrictions.

But he admitted that the bank could have increased its income from more loans to compensate for the general decline in interest margins in the…

Source: Vanguard Newspaper