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BUSINESS

Guaranty Trust Bank Named Best Bank by Euromoney

July 18, 2023 • 2 min read

Guaranty Trust Bank Ltd has been named the Best Bank in Nigeria at the Euromoney Awards for Excellence 2023. This makes a record 12th time that Guaranty Trust Bank would be recognised as the leading financial institution in Nigeria.

Announcing the award, Euromoney stated: “Nigeria’s Best Bank, Guaranty Trust Bank, has continued to do a good job of convincing investors that it is better placed than its key competitors to deal with the risks ahead—and perhaps to take advantage of 5 opportunities in economic and policy transition.”

Despite a difficult operating environment, the bank continued to deliver exceptional results as the flagship franchise of Guaranty Trust Holding Company Plc, which recorded a profit before tax of ₦214.2billion, pre-tax Return on Equity (ROAE) of 23.6%, and Cost to Income Ratio (CIR) of 48.0% for the period ended December 31, 2022.

Euromoney is the leading authority for global banking and financial markets and the annual Awards for Excellence celebrates financial institutions that demonstrate leadership, innovation, and resilience in the markets they operate. The latest recognition underscores Guaranty Trust’s position as the leading financial institution in Nigeria.

Commenting on the award, Mrs. Miriam Olusanya, Managing Director of the bank said, “We are honoured to be named the Best Bank in Nigeria by Euromoney. This recognition reflects our unwavering commitment to the values of excellence and innovation which form the bedrock of our value proposition as an institution and has guided the mother-brand to achieve remarkable success for over 30 years. As part of a thriving financial holding company, we will continue to prioritise service delivery and innovation whilst maintaining our strong financial performance.

”Guaranty Trust Bank is widely regarded as the best managed financial institution in Nigeria and has continued to post the best metrics in the Nigerian Banking industry in terms of key financial ratios.

Its leadership in the banking industry and efforts at empowering people and communities has earned it many prestigious awards over the years. ​​The Bank was recognized as Africa’s Best Bank and the Best Bank in Nigeria at the 2021 Euromoney Awards for Excellence.

It also retained its position as Africa’s Most Admired Financial Services Brand in the 2021 ranking of The Brand Africa 100: Africa’s Best Brands.