GTBank records 18% increase in profit for mid-year

Guaranty Trust Bank (GTB) says it has recorded an 18 per cent increase in Profit Before Tax (PBT) for the financial half-year ended June 30, 2017. The bank, in a statement, said its PBT rose from N85.69 billion in 2016 to N101.1 billion in 2017.

The financial performance presented to the Nigerian and London Stock Exchange showed the bank’s loan book dipped by six per cent from N1.590 trillion recorded as at December 2016 to N1.491 trillion in June 2017 with a decrease in customer deposit by one per cent to N1.966 trillion from N1.986 trillion in December 2016.

The bank’s gross earnings for the period grew by two per cent to N214.1 billion from N209.9 billion in June 2016; driven primarily by growth in investment securities income as well as income from risk assets.

According to the statement, it closed the half-year ended June 2017 with Total Assets and Contingents of N3.75 trillion and Shareholders’ Funds of N538 billion. On the backdrop of this result, Return on Equity (ROAE) and Return on Assets (ROAA) stood at 38.8 per cent and 6.4 per cent respectively. The bank is proposing interim dividend of 30 kobo per ordinary share of 50 kobo each for period ended June 30, 2017.

Managing Director of the bank, Mr. Segun Agbaje, who said that the result showed positive growth across all key financial metrics and improved strategic positioning of the brand, stated: “Our strong performance in the first half of 2017 reflects the strength of our businesses, the quality of our past decisions and the success of our efforts towards becoming a digital-first customer-centric bank that offers simple and easily accessible products and services.

“Despite the challenging environment of slow economic growth, we focused our resources on strengthening relationships with our customers, creating business platforms that seek to add value across all customer segments, whilst consolidating our leading position in all the economies in which we operate.”