By Modupe Gbadeyanka
The audited financial results of Guaranty Trust Bank (GTBank) Plc for the half year ended June 30, 2017 released to both the Nigerian and London Stock Exchanges showed that the lender had a sterling performance in the period under review.
A review of the half year performance showed positive growth across all key financial metrics and improved strategic positioning of the brand.
Specifically, gross earnings for the period grew by 2 percent to N214.1 billion from N209.9 billion 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 N101.1 billion, representing a growth of 18 percent over N85.69 billion recorded in the corresponding period of June 2016
The bank’s loan book dipped by 6 percent from N1.59 trillion recorded as at December 2016 to N1.49 trillion in June 2017 and customer deposits decreased by 1 percent to N1.966 trillion from N1.986 trillion in December 2016.
The lender 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 percent and 6.4 percent respectively.
The bank is proposing interim dividend of 30k per 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 GTBank Plc, said that, “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.”
He further stated that, “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.”
The bank has continued to report the best financial ratios for a Financial Institution in the industry with a return on equity (ROE) of 38.8 percent and a cost to income ratio of 40.2 percent evidencing the efficient management of the banks’ assets.
Overall, the bank has enshrined its position as a clear leader in the industry. In due recognition of the bank’s leading role in Africa’s banking industry, owing to its bias for world class corporate governance standards and excellent service delivery and innovation, GTBank has been a recipient to numerous awards over the course of the year.
They include Africa’s Best Bank for SMEs and Best 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 for Corporate Governance from Ethical Boardroom Magazine.
more recommended stories
Fidelity Bank Orders Directors, Others to Stop Sale of Shares
By Dipo Olowookere Directors, managers and.
GTBank Q3 Results Show Brand’s Strength, Business Strategy Quality
By Dipo Olowookere On Wednesday, October.
Seven Banks Make CBN’s ‘Too Big to Fail’ List
By Dipo Olowookere The Central Bank.
Standard Bank Partners Rhiza Africa to Boost Farmers’ Yield
In a bid to boost agricultural.
GTBank’s Q3 Pre-Tax Profit Rises 3.9% to N171bn
By Dipo Olowookere Tier-one Nigerian lender,.
Stanbic IBTC Shines at All Africa Employee Engagement Awards
Stanbic IBTC Holdings PLC, a member.
Access Bank’s PayDay Loan Records Over N1bn Daily Lending
By Dipo Olowookere One of the.
Apprehension as Polaris Bank Staff Bolts With Customer’s Savings
By Modupe Gbadeyanka All is presently.