By GTBank’s Profit Before Tax Rises By 18%, Releases Half Year Audited Results
One of Nigeria’s leading financial institution, Guaranty Trust Bank plc in it’s 2017 half year audited results disclosed an increase in profit before tax. The profit stood at N101.1billion which represents 18% increase when compared to N85.69billion recorded in corresponding period of June, 2016.
The review of the half year performance shows a positive growth across all key financial metrics and improved strategic positioning of the brand.
According to the reports released by GTBank, the gross earnings for the period grew by 2% to N214.1billion from the figure reported in June,2016 (N201.9billion); driven primarily by growth in investment securities income as well as income from risk assets.
The Bank’s loan book dipped by 6% from ₦1.590trillion recorded as at December 2016 to ₦1.491trillion in June 2017 and customer deposits decreased by 1% to ₦1.966trillion from ₦1.986trillion in December 2016.
The Bank closed the half year ended June 2017 with Total Assets and Contingents of ₦3.75trillion and Shareholders’ Funds of ₦538Billion. On the backdrop of this result, Return on Equity (ROAE) and Return on Assets (ROAA) stood at 38.8% and 6.4% respectively. The Bank is proposing interim dividend of 30k per ordinary share of 50 Kobo each for period ended June 30, 2017.
Mr. Segun Agbaje, the Managing Director/CEO of GTBank said “Our strong performance in the first half of 2017 reflects the strength of our businesses, the quality of our past decisions and the success of our efforts towards becoming a digital-first customer-centric Bank that offers simple and easily accessible products and services,” while commenting on the financial results,
He further stated that “Despite the challenging environment of slow economic growth, we focused our resources on strengthening relationships with our customers, creating business platforms that seek to add value across all customer segments, whilst consolidating our leading position in all the economies in which we operate”.
The Bank has continued to report the best financial ratios for a Financial Institution in the industry with a return on equity (ROE) of 38.8% and a cost to income ratio of 40.2% evidencing the efficient management of the banks’ assets. Overall, the Bank has enshrined its position as a clear leader in the industry.
In due recognition of the Bank’s leading role in Africa’s banking industry, owing to its bias for world class corporate governance standards and excellent service delivery and innovation, GTBank has been a recipient to numerous awards over 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.
