Amidst outrage over app glitch, GTBank wins “best bank in Nigeria”


Guaranty Trust Bank (GTBank) has once again demonstrated its commitment to excellence by being recognized as the “Best Bank in Nigeria” at the esteemed Euromoney Awards for Excellence 2023. This prestigious accolade further solidifies GTBank’s position as a leading financial institution in the country.

The announcement of the award came at a significant time for GTBank, as the bank had recently informed its millions of customers about an upcoming app update. However, the implementation of the update faced some challenges, leading to frustration among customers who experienced difficulties with logging in and encountered other issues. The weekend saw widespread outrage among customers, who took to various platforms to express their concerns.

In response to these concerns, GTBank released a statement on Monday addressing the app update concerns and reiterating the significance of the Euromoney award. The bank emphasized that the recognition by Euromoney underscored GTBank’s position as a leader in the Nigerian financial sector.

Euromoney, a reputable authority in global banking and financial markets, commended GTBank for its ability to navigate the complexities of the operating environment and demonstrate resilience in the face of challenges. The award recognized GTBank as the flagship franchise of Guaranty Trust Holding Company Plc and highlighted its exceptional performance, including a profit before tax of N214.2 billion, a pre-tax return on equity (ROAE) of 23.6%, and a cost-to-income ratio (CIR) of 48.0% for the period ending December 31, 2022.

The Euromoney Awards for Excellence celebrate financial institutions that exhibit leadership, innovation, and resilience in the markets they operate. GTBank’s recognition as the Best Bank in Nigeria reaffirms its commitment to excellence, innovation, and maintaining strong financial performance.

Miriam Olusanya, the managing director of Guaranty Trust Bank Ltd., expressed her gratitude for the Euromoney recognition, stating that it reflects GTBank’s unwavering commitment to the values of excellence and innovation that have guided the institution’s success for over three decades. As part of a thriving financial holding company, GTBank will continue to prioritize service delivery, innovation, and strong financial performance, ensuring that it remains at the forefront of the Nigerian banking industry.

The Euromoney award serves as a testament to GTBank’s reputation as a trusted and reliable financial institution in Nigeria. It highlights the bank’s dedication to delivering exceptional banking services, innovative solutions, and maintaining strong customer relationships. GTBank remains committed to providing its customers with seamless banking experiences while upholding its core values of excellence and innovation. The bank will continue to leverage its robust financial position and expertise to support the growth and development of individuals and businesses across Nigeria.

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