GTBank Declares N185b Profit in 2018, Proposes N2.45k Dividend

March 6, 2019
GTBank Declares N185b Profit in 2018, Proposes N2.45k Dividend

By Dipo Olowookere

The board of Guaranty Trust Bank (GTBank) Plc on Wednesday released its much-anticipated financial statements for the year ended December 31, 2018.

The financial scorecard, briefly analysed by Business Post, showed that the lender recorded an impressive performance in the 2018 financial year.

As a result of this, the board is proposing to reward its shareholders with a bountiful dividend payment of N2.45k per share.

Earlier in the year under review, the board had paid an interim dividend of 30 kobo per share and with this latest announcement, the total dividend for the year is N2.75k, slightly higher than the 2.70k per share paid in the 2017 financial.

In the financial results, GTBank improved its profit before tax to N215.6 billion from N197.7 billion, while the profit after tax grew to N184.6 billion from N167.9 billion.

The bank said its interest income rose to N307 billion from N327.3 billion, with the net interest income depreciating to N222.4 billion from N246.7 billion achieved in the 2017 financial year.

Business Post observed that the reduction in the net interest income was as a result of the rise in the interest expense in the year under review, which stood at N84.5 billion versus N80.7 billion in the corresponding 2017 financial year.

GTBank said in the year under consideration, it generated N52.4 billion from fee and commission income against N42.9 billion a year earlier, while the fee and commission expense, comprising bank charges and loan recovery expense, stood at N1.9 billion compared with N2.2 billion a year earlier.

In all, the total amount generated as revenue by the financial institution for the 2018 fiscal year was N434.7 billion against N419.2 billion in the 2017 fiscal year.

For the earnings per share, this stood at N6.54k as at December 31, 2018 versus N5.94k as at December 31, 2017.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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