GTBank announces N50.4bn profit before tax in Q1

Guaranty Trust Bank (GTBank) plc has released its unaudited financial results for the quarter ended March 31, 2017 to the Nigerian Stock Exchange.
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 39 per cent to N104.66billion from N75.39billion reported in March 2016; driven primarily by growth in interest income.
Profit before tax stood at N50.39billion, representing a growth of 64 per cent over N30.68billion recorded in the corresponding period of March 2016.
The Bank’s loan to customers dipped marginally by two per cent from N1.591trillion recorded in December 2016 to N1.563trillion as at March 2017. Deposit from customers grew marginally by one per cent from N1.986trillion in December 2016 to N2.012trillion in March 2017.
The Bank’s balance sheet remained strong with a 1.6 per cent growth in Total Assets as the Bank closed the quarter ended March 2017 with Total Assets of N3.16trillion and Shareholders’ Funds of N546.9Billion.
The Bank’s non-performing loans remained low and within regulatory threshold at 3.62 per cent (Bank: 3.27 per cent) with adequate coverage of 231.6 per cent(Bank: 266.6 per cent).
Capital remains strong with CAR of 20.03 per cent. On the backdrop of this result, Return on Equity (ROAE) and Return on Assets (ROAA) closed at 31.55per cent and 5.28per cent respectively.
Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr. Segun Agbaje, said: “Given the significant progress we made in 2016, we came into the year better equipped to navigate any further economic headwinds, and our performance in the first quarter demonstrates our ability to deliver sustainable long-term growth. We remain committed to maximizing shareholders’ value and delivering superior and sustainable return, guided by our founding values of hard work, discipline and integrity”.
“As we transform our organization into a platform for enriching lives, we are providing our customers with information and access they need to thrive. We are also leveraging our brand and networks to support small businesses through free business platforms and capacity building initiatives”.
GTBank has consistently played a leading role in Africa’s banking industry and reported the best financial ratios for a Financial Institution in the industry with a return on equity (ROE) of 31.55per cent and a cost to income ratio of 38.75per cent, evidencing the efficient management of the banks’ assets. Overall, the Bank has enshrined its position as a clear leader in the industry.