GTBank grows 2017 H1 profit by 16.6%

Guaranty Trust Bank Plc yesterday posted its audited result for the half year period ending June 30, 2017 on the Nigerian and London Stock Exchanges recording a 16.6 per cent increase in its profit after tax which rose to N83.676 billion.

A review of the half year performance, shows a two per cent rise in gross earnings which grew to N214.1billion from N209.9billion reported in the June 2016; driven primarily by growth in investment securities income as well as income from risk assets.

Its profit before tax stood at N101.1billion, representing a growth of 18 per cent over N85.69billion recorded in the corresponding period of June 2016.

GTBank ’s lending to customers however declined as its loan book dipped by six per cent from N1.59 trillion recorded as at December 2016 to N1.49 trillion in June 2017 just as customer deposits decreased slightly by one per cent to N1.96 trillion from N1.98 trillion in December 2016.

The bank closed the half year ended June 2017 with Total Assets and Contingents of N3.75 trillion and Shareholders’ Funds of N538 billion.

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On the backdrop of this result, Return on Equity (ROAE) and Return on Assets (ROAA) stood at 38.8 per cent and 6.4 per cent respectively.

With a earnings per share of N2.96, the bank is proposing interim dividend of 30 kobo per ordinary share of 50 kobo each for period ended June 30, 2017.

Commenting on the financial results, Managing Director and Chief Executive of GTBank , Mr. Segun Agbaje, stated that “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.”

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 per cent and a cost to income ratio of 40.2 per cent 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 its 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 of 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.