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HomeBankingGTB posts N200b profit, to pay N79.5b dividend

GTB posts N200b profit, to pay N79.5b dividend

Nigeria’s most capitalised financial institution and leading tier one commercial bank- Guaranty Trust Bank (GTB) Plc recorded a pre-tax profit of N200 billion in 2017, prompting the board of the bank to recommend distribution of N79.5 billion as cash dividend to shareholders.

Key extracts of the audited report and accounts of GTB for the year ended December 31, 2017 released yesterday at the Nigerian Stock Exchange (NSE) showed that profit before tax rose by 21 per cent from N165.1 billion in 2016 to N200.2 billion in 2017. Profit after tax also increased from N132.28 billion in 2016 to N170.47 billion in 2017. Earnings per share improved to N6.03 in 2017 compared with N4.67 in 2016. Gross earnings had increased marginally from N414.6 billion in 2016 to N419.2 billion.

The balance sheet showed that the bank’s loan book dipped by 8.9 per cent from N1.59 trillion in 2016 to N1.449 trillion in 2017 while customer deposits increased by 3.8 per cent to N2.062 trillion in 2017 as against N1.986 trillion in 2016. Total assets and contingents grew by 3.9 per cent to N3.845 trillion in 2017 while shareholders’ funds increased to N625.2 billion.

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