GTBank Posts N50 Billion Profit after Tax in Three Months

GTBank Posts N50 Billion Profit after Tax in Three Months

GTBank Posts N50 Billion Profit after Tax in Three Months

Guaranty Trust Bank (GTB) Plc has recorded a profit before tax (PBT) of N56.984 billion for the first quarter (Q1) March 31, 2019, showing an increase of 8.3 per cent, compared with the N52.624 billion recorded in the corresponding period of 2018.

Profit after tax (PAT) rose 10.37 per cent N44.67 billion in 2018 to N49.302 billion in 2019. Customers’ deposits also rose by 6.0 per cent to N2.41 trillion in March 2019 from N2.274trillion in December 2018, whilst the bank’s loan book grew by 1.6 per cent from N1.262trillion as at December 2018 toN1.282trillion in March 2019.

The bank’s balance sheet remained strong as it closed the quarter with total assets of N3.556 trillion and shareholders’ funds of N627.2 billion. In terms of assets quality, non-performing loan (NPL) ratio and Cost of Risk closed 7.03 per cent and 0.05 per cent in March 2019 from 7.30 per cent and 0.34 per cent in December 2018 respectively. In addition, coverage for NPL stood at 90.12 per cent Commenting on the results, the Managing Director/CEO of GTBank Plc, Mr Segun Agbaje, said: “Going into 2019, we knew that it would be a challenging year, but our strategy and unwavering focus on delivering value for our customers and shareholders continues to underpin our ability to consistently deliver solid results despite changing market variables. We carried on the momentum of the previous year, posting strong growth in earnings, effectively managing costs and leveraging our digital-first customer-centric strategy to deliver world-class services that are simple, cheap and easily accessible.”

He added that: “Whilst ensuring the long-term growth of our business is the greatest value that we can create for our communities, we are also leveraging our resources, expertise and network to help people thrive. That’s why, from April 28 to May 1, 2019, we are organizing the biggest food and drink festival in Africa to give small businesses in the food industry the platform, network and access to the markets that they need to grow.”

The bank explained that it had continued to be best in class in terms of profitability, efficiency and capital among peers and other financial institutions in Nigeria.

“This is evidenced by its earnings per share of N1.74, Return on Equity (ROAE) of 32.79 per cent, Cost to Income Ratio of 38.64 per cent and Capital Adequacy of 22.25 per cent. These metrics are a testament to the efficient management of the Bank. In recognition of the bank’s bias for world class corporate governance standards, excellent service delivery and innovation, GTBank has been a recipient of numerous awards over the years.

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