GTBank Posts N109 billion Profit, Recommends 30 Kobo Interim Dividend

Guaranty Trust Bank Plc Wednesday August 8, 2018 released its audited financial results for the half year ended June 30, 2018, showing positive performance across all financial indices. The board of directors of the bank also recommended an interim dividend of N8.8 billion, which translates to 30 kobo per share.

GTBank posted gross earnings of N226.6 billion, showing an increase of f 5.9 per cent from N226.6billion in 2017. Profit before tax stood at grew by 8.4 per cent to N109 billion, compared with N101 billion in 2018, while profit after tax (PAT) grew faster by 14.2 per cent from N83.679 billion to N95.582 billion.

However, the bank’s loan book dipped by 10.8 per cent from N1.449trillion recorded as at December 2017 to N1.293trillion in June 2018, while customers’ deposit grew by 10 per cent to N2.269trillion from N2.062trillion in December 2017.

Its balance sheet remained strong with a 5.9 per cent growth in total assets of N3.549trillion and shareholders’ funds of N497.1Billion. In terms of assets quality, non-performing loan (NPL) ratio improved to 5.8 per cent in June 2018 from 7.7 per cent in December 2017.

Capital remains strong with CAR of 22.04 per cent in spite of the implementation of IFRS 9. On the backdrop of this result, post- tax return on equity (ROAE) and return on assets (ROAA) closed at 34.1 per cent and 5.5 per cent respectively.

Commenting on the financial results, the Managing Director/CEO of GTBank Plc, Mr. Segun Agbaje, said: “In spite of declining yields and the challenges in the operating environment, we have delivered a decent half year result. The quality of this result is built on the strength of our businesses as well as the success of our digital-first customer-centric strategy in delivering financial services that are simpler, cheaper and more valuable to our customers’ everyday lives.”

He further stated that “We will continue to focus on consolidating our leading position in all the economies in which we operate by staying committed to building a business that is both nimble and efficient whilst strengthening relationships with our customers and creating business platforms that provide them with additional benefits beyond banking.”

Photo Caption: Segun Agbaje Managing Director GTB

Post Author: Friday Ekeoba