Guaranty Trust Bank Plc (GTBank) has released its audited financial results for the year ended December 31, 2018, to the Nigerian and London Stock Exchanges.
A review of the results shows positive performance across all financial metrics and improved strategic positioning of the brand.
Gross earnings for the year grew by 3.7% to ₦434.7billion from ₦419.2billion reported in the December 2017.
Profit before tax stood at ₦215.6billion, representing a growth of 9.1% over ₦197.7billion recorded in the corresponding year ended December 2017.
GTBank’s customer deposits increased by 10.3% to ₦2.274trillion from ₦2.062trillion in December 2017, however, loan book dipped by 12.9% from ₦1.449trillion recorded as at December 2017 to ₦1.262trillion in December 2018.
In view of the above, GTB
In terms of Assets quality, NPL ratio and Cost of Risk improved to 7.3% and 0.3% in December 2018 from 7.7% and 0.8% in December 2017 respectively.
The Bank is proposing final dividend of ₦2.45k per unit of ordinary share held by shareholders in addition to interim dividend of 30k per unit of ordinary share bringing total dividend for 2018 financial year to ₦2.75k per unit of ordinary share.
Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Segun Agbaje, said: “In 2018, our focus on staying nimble, strengthening customer relationships and driving our digital-first strategy paid off.
“We successfully navigated the pressures of our challenging and radically changing business environment, recorded growth across key financial indices and reaffirmed our position as one of the best performing and well managed financial institutions in Africa.”
He further said: “This result reflects, not just the fundamental strength of our brand, but also our commitment to our values of excellence, creating value for all stakeholders and putting our customers first in everything that we do.
“Driven by these values, we are building the bank of the future by pairing the best of our business with the massive potential of digital technologies to create Africa’s first integrated and trusted platform, Habari.”
