Guaranty Trust Bank Plc, one of the largest financial institutions in Nigeria, has surpassed projections made by its management during its hugely successful $750 million Global Depositary Receipts (GDR) Offer by declaring a profit before tax of N27.4 billion for the 2007/2008 financial year.

The bank's financials, recently announced on the floor of the Nigerian Stock Exchange (NSE), show a 62 per cent increase in earnings from N48.6 billion recorded last financial year to N78.8 billion. Total Assets and Contingents for the period stood at N1.06 trillion, a 76 per cent increase over the N603 billion recorded last year, while shareholders' funds grew by 227 per cent from N50 billion to N163.3 billion.

In line with its progressive dividend policy, the bank is recommending the payment of a gross dividend of 95 kobo per share, comprising 70 kobo final dividend and 25 kobo interim dividend, paid out in December 2007.

According to a statement made available to Sunday Independent, the bank's board of directors is also recommending bonus shares in the proportion of one new share for every 11 currently held be issued to shareholders.

The managing director, Tayo Aderinokun, said: "Our scorecard for the 2007/2008 financial year is a reflection of our commitment to continue generating handsome returns for our shareholders despite the daunting challenges of our operating environment."

GTB's growing reputation as an international brand was reaffirmed during the year by a successful $750 million GDR Offering. The listing of the GDRs on the London Stock Exchange in July 2007 made the bank the first African bank and Nigerian firm to be listed on the London exchange.

The bank had entered history books earlier in the year as the first Nigerian institution since the early 1990s to venture into the international capital market and raise funds.

The bank has 130 business offices in Nigeria and banking subsidiaries in Ghana, Sierra Leone, Gambia and the United Kingdom. It has a BB risk asset rating from Standard & Poors' and an AA rating from Fitch in recognition its strong domestic franchise, good quality assets and sound earnings record.

It was voted the most respected company in Nigeria for 2007 by PricewaterHouseCoopers and BusinessDay newspapers; and recently recognised as the most customer-friendly bank, the best bank in corporate governance and the Bank of the Year at the 2008 Vanguard Bankers Award.