Guaranty Trust Bank Plc has released its audited financial results for the year ended December 2014 to the Nigerian and London Stock Exchanges.
A review of the 2014 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.
The Group delivered an impressive profit before tax of N116.39billion, an increase of 9.30billion or 8.7% over the N107.09billion reported in December 2013 and gross earnings of N278.52billion an increase of 14.8% from the N242.67billion recorded in the same period of 2013. In terms of value creation for its shareholders, the bank recorded pre-tax ROAE of 32.94% and ROAA of 5.22% respectively.
GTBank’s balance sheet remains strong with 12.4% growth in total assets, from N2.10trillion in 2013 to N2.36trillion in the year under review. Loan book growth up by 27.12% to close at N1.28trillion from N1.01trillion in 2013; driven primarily by growth of the foreign currency loan book, on the back of the 2013 $400mm Eurobond issue.
On the back of continued growth of the Bank’s Retail franchise, customer deposits grew by 13.3% from N1.43trillion in 2013 to N1.62trillion in 2014.
The bank continues to maintain a disciplined and prudent approach to loan growth in line with its risk management framework. Its non-performing loans (NPL) ratio remained low at 3.15%; down from 3.58% in the comparative period of 2013.
On the back drop of this result, the bank is proposing total-year dividend of N1.75k per share (inclusive of the 25kobo interim dividend paid at half year 2014).
Commenting on the financial results, Managing Director/CEO of Guaranty Trust Bank Plc, Segun Agbaje, said that the bank’s financial performance in 2014 attests to the inherent soundness of its strategy and resilience of its earnings. He expressed his sincere appreciation to customers for their loyalty and staff for their commitment and hard work.
According to Agbaje, “We remain committed to maximising shareholder value and delivering superior and sustainable returns. Our objective is to remain a leading player in the financial services sector whilst expanding our franchise in select, high growth African markets where we believe we have competitive advantage.”
