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GTBank Declares N164B Profits Before Tax In 3rd Quarter Unaudited Report

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GTBank Declares N164B Profits Before Tax In 3rd Quarter Unaudited Report

 

The Guaranty Trust Bank plc has again reaffirmed it’s position as one of Nigeria’s most profitable and well managed financial institution in the country as the unaudited 3rd quarter results released shows positive performance across all financial indices.

According to the results obtained by BlackBox Nigeria, gross earnings for the period grew by 8.8% to ₦337.3billion from ₦309.9billion reported in September 2017. Profit before tax stood at ₦164.2billion, representing a growth of 9.5% over ₦150.0billion recorded in the corresponding period of September 2017.

The Bank’s Loan Book dipped by 12.3% from ₦1.449trillion recorded as at December 2017 to ₦1.270trillion in September 2018, while customers’ deposit grew by 8.6% to ₦2.239trillion from ₦2.062trillion in December 2017.

The Bank’s balance sheet remained resilient with Total assets and Shareholders’ Funds closing at ₦3.433trillion and ₦534.3Billion respectively, a 2.4% growth from Total Asset Position of ₦3.351trillion as at December 2017, Capital Adequacy Ratio (CAR) however dipped by 300bps to 22% despite the impact of IFRS 9 implementation. In terms of Assets quality, NPL ratio and Cost of Risk (COR) improved to 5.6% and 0.1% in September 2018 from 7.8% and 0.5% position in December 2017 respectively. Complementing the improvement noted in NPLs and COR, we maintained adequate Loan Loss coverage of 180.6% for Lifetime Credit Impaired Loans (NPLs). On the backdrop of this result, Post- Tax Return on Equity (ROE) closed at 32.7% while Return on Assets (ROA) stood at 5.6%.

Commenting on the financial results, the Managing Director/CEO of GTBank, Mr. Segun Agbaje disclosed that the 3rd quarter results which was released to the Nigerian Stock Exchange and London Stock Exchange is a reflection of how the Bank’s management has appropriately position it’s balance sheet to withstand the economic realities of the country.

He said; “Despite operating in a very challenging business environment, our 3rd quarter result is a reflection of how we have appropriately positioned our balance sheet to cope with economic realities. It further demonstrates the strength of our business strategy to deliver financial services that enriches the lives of our customers and creates more value for all our stakeholders.”

He added that, “Going into the final quarter of the year, the Bank will continue to drive its digital-first customer-centric strategy to improve customer experience and expand its range of service offering whilst constantly differentiating itself by maintaining a high standard in service delivery and putting customers at the heart of everything that we do.”

Over all, Guaranty Trust Bank plc continues to be best-in-class in the Nigerian banking industry in terms of all financial ratios i.e. Post-Tax Return on Equity (ROE) of 32.7%, Post-Tax Return on Assets (ROA) of 5.6%, Cost to Income ratio of 38.3% and PBT margin of 48.7%. These ratios are testament to experienced Management, efficient Balance sheet structure coupled with operational efficiency of the Bank.

In recognition of the Bank’s stance on world class corporate governance standards, excellent service delivery and innovation, GTBank has been a recipient of numerous awards in the course of the year. They include Africa’s Best Bank for SMEs and Best Bank in Nigeria from Euromoney Magazine, African Bank of the Year from African Banker Magazine, Best Banking Group and Best Retail Bank from World Finance Magazine, Best Bank in Africa for Corporate Governance from Ethical Boardroom Magazine.

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