Guaranty Trust Bank (GTBank) 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, Managing Director/CEO of Guaranty Trust Bank plc, 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.”
Mr Agbaje 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.”
