GTBank Releases 2017 Half Year Audited Results ….. Reports Profit before Tax of 101.1Billion

Guaranty Trust Bank plc has released its audited financial results for the half year ended June 30, 2017 tothe Nigerian and London Stock Exchanges. A  review   of   the   half   year   performance,   shows   positive   growth   across   all   key   financial   metrics   andimproved strategic positioning of the brand. Gross earnings for the period grew by 2% to  214.1billion₦from  209.9billion reported in the June 2016; driven primarily by growth in investment securities income₦as well as income from risk assets. Profit before tax stood at  101.1billion, representing a growth of 18%₦over  85.69billion recorded in the corresponding period of June 2016₦

The Bank’s loan book dipped by 6% from  1.590trillion recorded as at December 2016 to  1.491trillion in₦ ₦June 2017 and customer deposits decreased by 1% to  1.966trillion from  1.986trillion in December₦ ₦2016.The Bank closed the half year ended June 2017 with Total Assets and Contingents of  3.75trillion and₦Shareholders’ Funds of  538Billion. On the backdrop of this result, Return on Equity (ROAE) and Return₦on Assets (ROAA) stood at 38.8% and 6.4% respectively. The Bank is proposing interim dividend of 30kper ordinary share of 50 kobo each for period ended June 30, 2017.Commenting on the financial results, Mr. Segun Agbaje, the Managing Director/CEO of Guaranty TrustBank   Plc,   said   that   “Our   strong   performance   in   the   first   half   of   2017   reflects   the   strength   of   ourbusinesses, 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.”He further stated that “Despite the challenging environment of slow economic growth, we focused ourresources on strengthening relationships with our  customers, creating business platforms that seek toadd value across all customer segments, whilst consolidating our leading position in all the economies inwhich we operate”.The Bank has continued to report the best financial ratios for a Financial Institution in the industry with areturn on equity (ROE) of 38.8% and a cost to income ratio of 40.2% evidencing the efficient managementof the banks’ assets. Overall, the Bank has enshrined its position as a clear leader in the industry. In duerecognition   of   the   Bank’s   leading   role   in  Africa’s   banking   industry,   owing   to   its   bias   for   world   classcorporate   governance   standards   and   excellent   service   delivery   and   innovation,   GTBank   has   been   arecipient to numerous awards over the course of the year. They include Africa’s Best Bank for SMEs andBest Bank in Nigeria from Euromoney Magazine, African Bank of the Year from African Banker Magazine,Best   Banking   Group   and   Best   Retail   Bank   from  World   Finance   Magazine,   Best   Bank   in  Africa   forCorporate Governance from Ethical Boardroom Magazine. 

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