GT BANK HITS NEW MILESTONES IN PROFITABLITY

GTBank Releases 2016 Q3 Unaudited Results

                                                 …. Reports Profit Before Tax of N140.84Billion

 

Guaranty Trust Bank plc has released its unaudited financial results for the 3^rd quarter ended September 30, 2016, to the Nigerian and London Stock Exchanges.

A review of the 3^rd quarter performance shows positive growth across all key financial metrics and improved strategic positioning of the brand. Gross earnings for the period grew by 44% to N329.3billion from N229.4billion reported in the corresponding period of September 2015; driven by growth in fee & commission income as well as foreign exchange income. Profit before tax stood at N140.84billion, representing a growth of 53% from N92.06billion recorded in the corresponding period of September 2015.The Bank’s loan book grew by 19.6% from N1.372trillion recorded in December 2015 to N1.640trillion in September 2016.

The Bank closed the third quarter ended September 2016 with Total Assets of N3.093trillion and Shareholders’ Funds of N483.4billion. The Bank’s non-performing loans remained low at 4.13%. On the backdrop of this result, Return on Equity (ROE) and Return on Assets (ROA) stood at 35.31% and 5.69% respectively.

Commenting on the Bank’s financial results, Segun Agbaje, the Managing Director/CEO said that “The Bank’s strong performance is a reflection of the continued support of our customers, hard work of our Staff and the commitment of the Management and Board to manage the Bank for long term sustainable returns. Recognizing that we operate in challenging business environments, we set high goals, benchmark ourselves against global standards and aggressively pursue our key objectives for the year, which are focused mainly on adding value to all stakeholders and improving the customer journey. 

He further stated that “As a Bank, we will continue to leverage collaborations and technology to drive customer engagement, improve the overall customer experience and grow our business for long term sustainable returns.”

Guaranty Trust Bank has continued to report the best financial ratios for a Financial Institution in the industry with a return on equity (ROE) of 35.31% and a cost to income ratio of 36.20% 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 of numerous awards over the course of the year. They include Best Banking Group from World Finance Magazine, Most Innovative African Bank from African Banker Magazine, Best Bank in Nigeria and Best Digital Bank in Africa from Euromoney Magazine.

..........................................Top New York Fashion Buyer, Bijou Abiola To Speak At GTBank Fashion Weekend Bijou Abiola is a successful Fashion Buyer who is known for bringing the best of apparel to retail stores in the USA. She has worked directly with several top brands and designers such as Donna Karan, Ralph Lauren, Miss Selfridge and BCBG. On the 12th and 13th of November, Bijou Abiola will be at the GTBank Fashion Weekend to discuss the myths and facts behind stocking internationally and how indigenous brands can break into the global scene.

................................................also,Celebrity Make Up Artist Sam Fine to Speak at the GTBank Fashion Weekend

Sam Fine is one of the most sought after Make-up Artists in the world. Highly regarded for his talent, entrepreneurship and passion for innovation, Sam's clientele includes global personalities and top celebrities such as Halle Berry, Vanessa Williams, Iman Bowie and Naomi Campbell, among others. Sam Fine's works have also appeared on the covers and pages of global fashion magazines such as Cosmopolitan, Essence and Vibe, and he was the first African-American spokesperson of Cosmetic giants, Revlon and Covergirl. On the 12th and 13th of November 2016, Sam Fine will be at the GTBank Fashion Weekend to speak on how to leverage talent, entrepreneurship and innovation to create a sustainable business in Makeup Artistry.