Guaranty Trust Bank PLC popularly known by its acronym GTB is at it again. The bank which many refer to as the pioneer of modern day express Internet and Mobile Banking services has released her mid-year audited financial results which reflect huge profits for her stakeholders.
The bank released the mid-year figures to the Nigerian and London Stock Exchanges through the Managing Director/CEO of Guaranty Trust Bank Plc, Segun Agbaje.
Releasing the reports, a proud Segun Agbaje said “Going into the year, we knew it would be a challenging year and we prepared for it by focusing on effective management of the balance sheet and adapting our business model to changing market variables. The quality of our past decisions enabled us navigate the challenges that persisted in the business environment most of the half year period.”
Commending the staff for their hard work and dedication, he said “While the current economic realities present some challenges to growth, we remain committed to our ideals of staying positive, delivering exceptional service to our customers and adding value to all stakeholders”; he also appreciated the esteemed customers for their belief and resilience.
The Bank recorded positive growth across all key financial metrics. Gross earnings grew by 37% to ₦209.9billion from ₦153billion reported in the June 2015 mainly as a result of growth in fee & commission income as well as foreign exchange income. Profit before tax stood at ₦91.38billion, representing a growth of 45% over ₦63.11billion recorded in the corresponding period of June 2015.The Bank’s loan book grew by 14% from ₦1.373trillion recorded as at December 2015 to ₦1.562trillion in June 2016 with corresponding growth in total deposits which increased by 23% to ₦2.008trillion from ₦1.637trillion in December 2015.
Further analysis revealed that the Bank closed the half year ended June 2016 with Total Assets and Contingents of ₦3.42trillion and Shareholders’ Funds of ₦453Billion. The Bank’s non-performing loans remained low and within regulatory threshold at 4.39% (Bank:3.54%) with adequate coverage of 170.1% (Bank: 214.8%). Increase in collective impairment was borne out of the prudent stance of the Bank, while Capital remains strong with CAR of 18.25%. On the backdrop of this result, Return on Equity (ROAE) and Return on Assets (ROAA) closed at 35.8% and 5.7% respectively. The Bank is proposing interim dividend of 25k per unit of ordinary share held by shareholders.
GTB continues to be a leader in the Nigerian Banking industry, this is consolidated by the numerous awards and accolades it received year in and out. Notable among the recent Awards 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, to mention a few.
