GTBank Grows Full Year Profit By 21.3%

Segun Agbaje GT MD 1

Segun Agbaje GT MD 1

Guaranty Trust Bank Plc, GTBank, last week released its audited financial results for the year ended December 31, 2017 to the Nigerian and London Stock Exchanges.

According to the statement the bank the gross earnings for the year grew by 1.1 per cent to N419.2billion from N414.6billion reported in the December 2016, which analysts say was driven primarily by growth in interest income as well as e-payment revenues.

Profit before tax stood at N200.2billion, representing a growth of 21.3 per cent over N165.1billion recorded in the corresponding year ended December 2016.

The lender’s loan book however dipped by 8.9 per cent from N1.590 trillion recorded as at December 2016 to N1.449trillion in December 2017.

The bank’s customer deposits increased by 3.8 per cent to N2.062 trillion from N1.986 trillion in December 2016.

The statement also showed the Bank’s balance sheet remained strong with a 3.9 per cent growth in Total Assets and Contingents as the Bank closed the year ended December 2017.

The bank’s Shareholders’ Funds stood at N625.2Billion whereas its Non Performing Loans ratio increased to 7.7 per cent in December 2017 from 3.7 per cent in December 2016.

The Bank is proposing a final dividend of 240k per unit of ordinary share held by shareholders in addition to interim dividend of 30k per unit of ordinary share bringing total dividend for 2017 financial year to N2.70 per unit of ordinary share.

Managing Director/CEO of Guaranty Trust Bank plc, Mr. Segun Agbaje, said 2017 was a pivotal year for the bank.

“We delivered a strong result in a challenging environment; achieving record growth in earnings, carefully managing cost margins and leveraging our digital-first customer-centric strategy to deliver world-class services that are simple, cheap and easily accessible.

“The result demonstrates the fundamental strength of our franchise as well as the progress we are making in transforming our organization into a platform on which our customers could build their businesses, connect with their consumers and access all the resources that they need to make their lives better”, he noted.