Guaranty Trust Bank plc has released its audited financial results
for the half year ended June 30, 2017 tothe Nigerian and London Stock
Exchanges. A review of
the half year
performance, shows positive
growth across all
key financial metrics
andimproved strategic positioning of the brand. Gross earnings for the
period grew by 2% to
214.1billion₦from 209.9billion
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 101.1billion, representing a growth of
18%₦over 85.69billion recorded in the
corresponding period of June 2016₦
The Bank’s loan book dipped by 6% from 1.590trillion recorded as at December 2016
to 1.491trillion in₦ ₦June 2017 and customer
deposits decreased by 1% to
1.966trillion from 1.986trillion
in December₦ ₦2016.The Bank closed the half year ended June 2017 with Total
Assets and Contingents of 3.75trillion
and₦Shareholders’ Funds of 538Billion.
On the backdrop of this result, Return on Equity (ROAE) and Return₦on Assets
(ROAA) stood at 38.8% and 6.4% respectively. The Bank is proposing interim
dividend of 30kper 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 Guaranty TrustBank
Plc, said that
“Our strong performance
in the first
half of 2017
reflects the strength
of ourbusinesses, 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 ourresources on strengthening
relationships with our customers,
creating business platforms that seek toadd value across all customer segments,
whilst consolidating our leading position in all the economies inwhich we
operate”.The Bank has continued to report the best financial ratios for a
Financial Institution in the industry with areturn on equity (ROE) of 38.8% and
a cost to income ratio of 40.2% evidencing the efficient managementof the
banks’ assets. Overall, the Bank has enshrined its position as a clear leader
in the industry. In duerecognition of the
Bank’s leading role
in Africa’s banking
industry, owing to
its bias for
world classcorporate governance
standards and excellent
service delivery and
innovation, GTBank has
been arecipient to numerous
awards over the course of the year. They include Africa’s Best Bank for SMEs
andBest 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 forCorporate Governance from Ethical
Boardroom Magazine.
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