GTBank Board Meets to Approve Q1 Financial Results

GTBank Board Meets to Approve Q1 Financial Results

GTBank Board Meets to Approve Q1 Financial Results

After reporting improved performance for the 2017, Guaranty Trust Bank (GTBank) is set to unveil its unaudited first quarter ended March 31, 2018. The bank in a notification to the Nigerian Stock Exchange (NSE), GTBank said its board of directors would meet on April 18, 2018 to consider financial statements.

GTBank had reported gross earnings of N419.2 billion, up marginally from N414.6 billion in 2016. Net interest income rose from N195.4 billion to N246.66 billion, while impairment charges reduced from N65.290 billion to M12.169 billion in 2017. Profit before tax stood at N200.2 billion, representing a growth of 21.3 per cent over N165.1billion recorded in 2016, profit after tax grew faster by 29 per cent from N132.281 billion to N170.469 billion in 2017.

A further analysis of the results showed that the bank’s loan book dipped by 8.9 per cent from N1.590 trillion to N1.449 trillion while customer deposits increased by 3.8 per cent to N2.062trillion from N1.986trillion in December 2016.

The bank’s balance sheet recorded a 3.9 per cent growth in total assets and contingents to N3.845 trillion and shareholders’ funds of N625.2 billion.. In terms of assets quality, non-performing loan (NPL) ratio increased to 7.7 per cent compared with 3.7 per cent in 2016 largely as a result of classification of a single exposure 9mobile.

The bank proposed a final dividend of 240 kobo per share. This will bring the total dividend per share to 270 kobo have paid an interim dividend of 30 kobo last year.

Commenting on the financial results, the Managing Director/CEO of GTBank 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.”

According to him, the performance demonstrates the fundamental strength of the bank’s franchise as well as the progress they are making in transforming the organisation into a platform on which their customers could build their businesses, connect with their consumers and access all the resources that they need to make their lives better.”

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