GTBank reports ₦91.4bn PBT, proposes N0.25k interim dividend
Guaranty Trust Bank plc has released its audited financial results for the half year ended June 30, 2016 with profit before tax gaining 45 per cent from N63.11 billion in H1 2015 to N91.4 billion in half year under review.
The management of GTBank has proposed interim dividend of N0.25k per unit of Ordinary Share held by shareholders in the bank.
A review of the half year performance shows that the GTBank recorded positive growth across all key financial metrics, a testament to the cutting edge strategy of the bank.
Gross earnings for the half year period grew by 37 per cent to ₦209.9 billion from ₦153 billion reported in the June 2015; driven primarily by growth in fee and commission income as well as foreign exchange income.
The bank’s loan book grew by 14 per cent from ₦1.373 trillion recorded as at December 2015 to ₦1.562 trillion in June 2016 with corresponding growth in total deposits which increased by 23 per cent to ₦2.008 trillion from ₦1.637 trillion 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 per cent with adequate coverage of 170.1 per cent.
Increase in collective impairment was borne out of the prudent stance of the bank, while its capital remains strong with Capital adequacy Ratio (CAR) of 18.25 per cent.
On the backdrop of this result, Return on Equity (ROAE) and Return on Assets (ROAA) closed at 35.8 per cent and 5.7 per cent respectively.
Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr. 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”
Whilst expressing sincere appreciation to customers for their loyalty, and to staff for their hard work and commitment, Agbaje added, “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”.
Overall, with this solid financial result, the bank continues to enshrine its position as a clear leader in the Banking industry in Nigeria, with strong showing in Africa. This position is validated by numerous awards and accolades received by GTBank during the course of the year in recognition of its leading role in Africa’s banking industry, bias for world class corporate governance standards and excellent service delivery and innovation. The 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.
GTBank reports ₦91.4bn PBT, proposes N0.25k interim dividend https://t.co/YrM7YA8yzT
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