Guaranty Trust Bank Plc (GTB), one of Nigeria’s leading financial services provider, has released its audited financial results for the period ended June 30, 2018, to the Nigerian and London Stock Exchanges.
The results reflected positive performance across all financial indices, thereby reaffirming the top lender’s position as one of the most well managed banks in the country.
According to the report, the bank’s gross earnings for the period under review grew by 5.9 percent to N226.6 billion, up from the N214.1 billion reported in the corresponding period of last year.
A further analysis of the financials indicated that the Profit Before Tax rose to N109.6 billion, representing a growth of 8.4 percent over the N101.1billion recorded in the corresponding period of June 2017.
Similarly, the Bank’s Loan Book dipped by 10.8 percent from N1.449 trillion recorded as at December 2017 to N1.293 trillion in June this year, while customers’ deposit grew by 10.0 percent to N2.269 trillion from N2.062 trillion recorded at the end of December last year.
Other highlights of the GTB’s performance scorecard reflected a stronger balance sheet with a 5.9 percent growth in total assets as the Bank closed the period ended June 2018 with total assets value of N3.549 trillion and shareholders’ funds of N497.1 billion.
In terms of the lender’s assets quality, the NPL ratio improved to 5.8 percent in June 2018 from 7.7 percent in December 2017.
Overall, asset quality improved with Cost of Risk of 0.1 percent and adequate coverage of 167.5 percent for lifetime credit impaired loans. The capital component remains strong with CAR of 22.04 percent in spite of the implementation of IFRS 9.
Based on the impressive performance, the bank’s Post- Tax Return on Equity, ROAE, and Return on Assets, ROAA, closed at 34.1 percent and 5.5 percent, respectively.
Commenting on the financial results, the bank’s Segun Agbaje, enthused: “In spite of declining yields and the challenges in the operating environment, we have delivered a decent half year result.
“The quality of this result is built on the strength of our businesses as well as the success of our digital-first customer-centric strategy in delivering financial services that are simpler, cheaper and more valuable to our customers’ everyday lives.”
“We will continue to focus on consolidating our leading position in all the economies in which we operate by staying committed to building a business that is both nimble and efficient whilst strengthening relationships with our customers and creating business platforms that provide them with additional benefits beyond banking”, the banker added.
GTBank continues to be ranked very high in terms of all financial ratios posted by financial institutions in the industry as indicated by its Post-Tax Return on equity, ROE, of 34.1 percent, Post-Tax Return on Assets, ROAA, of 5.5 percent, Cost to Income ratio of 38.8 percent, NIM of 9.6 percent and PBT margin of 48.4 percent.
These ratios are testimonies to the bank’s competent and experienced management and work-force, efficient balance sheet structure complemented with the operational efficiency of the Bank.
In recognition of the bank’s commitment to world-class corporate governance standards, excellent service delivery and innovation, it has been a recipient of numerous awards over the years.
These include Africa’s Best Bank for SMEs and Best Bank in Nigeria from Euromoney Magazine, Best Bank in Africa for Corporate Governance from Ethical Boardroom Magazine, African Bank of the Year from African Banker Magazine, Best Banking Group and Best Retail Bank from World Finance Magazine, amongst others.