GTBank Gross earnings grow by 1.1per cent to close at N419.2bn from N414.6bn in 2016

Kindly Share This Story:

 

The Bank on Wednesday released its audited financial results for the year ended December 31, 2017 to the Nigerian and London Stock Exchanges, proposing a final dividend of 240k per unit of ordinary share held by shareholders in addition to interim dividend of 30k per unit of ordinary share bringing total dividend for 2017 financial year to N2.70 per unit of ordinary share.

A review of the results showed positive performance across all financial indices, reaffirming the Bank’s position as one of the most profitable and well managed financial institutions in Nigeria.

The Profit Before Tax of N200.2 billion in 2017 financial year, a growth of 21.3per cent over N165.1 billion recorded in the corresponding year ended December 2016.; driven primarily by growth in interest income as well as e-payment revenues.

The Bank’s loan book dipped by 8.9per cent from N1.590trillion recorded as at December 2016 to N1.449 trillion in December 2017 while customer deposits increased by 3.8per cent to N2.062 trillion from N1.986trillion in December 2016.

The Bank’s balance sheet remained strong with a 3.9per cent growth in Total Assets and Contingents as the Bank closed the year ended December 2017 with Total Assets and Contingents of N3.845trillion and Shareholders’ Funds of N625.2Billion.

In terms of Assets quality, NPL ratio increased to 7.7per cent in December 2017 from 3.7per cent in December 2016 largely as a result of classification of a single exposure within the Nigerian Telecommunications Industry.

However, non-performing loans would moderate to 4.6per cent, which is below regulatory threshold, if we exclude this name from NPL ratio computation.

Overall, asset quality remains stable with adequate coverage of 119.6per cent, while Capital remains strong with CAR of 25.7per cent.

On the backdrop of this result, Return on Equity (ROAE) and Return on Assets (ROAA) closed at 35.4per cent and 6.2per cent respectively.

Commenting on the financial results, Segun Agbaje, the Managing Director/CEO of Guaranty Trust Bank plc, said, “2017 was a pivotal year for the bank. We delivered a strong result in a challenging environment; achieving record growth in earnings, carefully managing cost margins and leveraging our digital-first customer-centric strategy to deliver world-class services that are simple, cheap and easily accessible.”

Agbaje further stated that, “The result demonstrates the fundamental strength of our franchise as well as the progress we are making in transforming our organization into a platform on which our customers could build their businesses, connect with their consumers and access all the resources that they need to make their lives better.”

GTBank has continued to report the best financial ratios for a Financial Institution in the industry as revealed by its return on equity (ROE) of 35.4per cent and cost to income ratio of 38.1per cent evidencing the efficient management of assets and operational efficiency.

Overall, the Bank has enshrined its position as a clear leader in the industry. In recognition of its innovation and hard work, the Bank received over 20 international awards in 2017.

About Guaranty Trust Bank plc

The Guaranty Trust Bank plc was incorporated as a limited liability company licensed to provide commercial and other banking services to the Nigerian public in 1990 and commenced operations in February 1991.

In September 1996, Guaranty Trust Bank plc became a publicly quoted company and won the Nigerian Stock Exchange President’s Merit award. In February 2002, the Bank was granted a universal banking license and later appointed a settlement bank by the Central Bank of Nigeria (CBN) in 2003.[2]

Guaranty Trust Bank undertook its second share offering in 2004 and raised over N11 billion from Nigerian Investors to expand its operations


Kindly Share This Story:

Related Post

Leave a Reply

Your email address will not be published. Required fields are marked *

amehnews greetings

x
%d bloggers like this: