GTBank Records Profit Before Tax of N109.6BN
for H1 2018 Audited Results
Guaranty Trust Bank plc has released its audited financial
results for the period ended June 30, 2018 to the Nigerian and London Stock
Exchanges.
A review of the results shows positive performance across all
financial indices, reaffirming the Bank’s position as one of the most
profitable and well managed financial institutions in Nigeria. Gross earnings
for the period grew by 5.9% to ₦226.6billion from ₦214.1billion reported in
June 2017. Profit before tax stood at ₦109.6billion, representing a growth of
8.4% over ₦101.1billion recorded in the corresponding period of June 2017.The
Bank’s Loan Book dipped by 10.8% from ₦1.449trillion recorded as at December
2017 to ₦1.293trillion in June 2018, while customers’ deposit grew by 10.0% to
₦2.269trillion from ₦2.062trillion in December 2017.
The Bank’s balance sheet remained strong with a 5.9% growth in
Total assets as the Bank closed the period ended June 2018 with Total Assets of
₦3.549trillion and Shareholders’ Funds of ₦497.1Billion. In terms of Assets
quality, NPL ratio improved to 5.8% in June 2018 from 7.7% in December 2017. Overall,
Asset quality improved with Cost of Risk of 0.1% and adequate coverage of
167.5% for Lifetime Credit Impaired Loans i.e. NPLs. Capital remains strong
with CAR of 22.04% 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% and 5.5% respectively.
Commenting on the financial results, the Managing Director/CEO
of Guaranty Trust Bank 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.”
GTBank continues to be best in class in terms of all financial
ratios posted by Financial Institutions in the Industry as indicated by its
Post-Tax Return on equity (ROE) of 34.1%, Post-Tax Return on Assets (ROAA) of
5.5%, Cost to Income ratio of 38.8%, NIM of 9.6% and PBT margin of 48.4%. These
ratios are testament to competent and experienced Management and work-force,
efficient Balance sheet structure complemented with Operational efficiency of
the Bank. In recognition of the Bank’s bias for world class corporate
governance standards, excellent service delivery and innovation, GTBank has
been a recipient of numerous awards over the years. These 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.
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