“GTB grosses N226bn in H1/2018” Guaranty Trust Bank Plc has released its audited financial results for the period ended June 30, 2018 to the Nigerian and London Stock Exchanges which saw gross earnings for the period grow by 5.9% to N226.6 billion from ₦N214.1 billion reported in June 2017.
A review of the results shows positive performance across all financial indices, reaffirming the bank’s position as one of the most profitable and well managed financial institutions in Nigeria.
Profit before tax stood at ₦109.6 billion, representing a growth of 8.4% over N101.1 billion recorded in the corresponding period of June 2017.
The bank’s loan book dipped by 10.8% from ₦N1.449 trillion recorded as at December 2017 to N1.293 trillion in June 2018, while customers’ deposit grew by 10.0% to N₦2.269 trillion from ₦N2.062 trillion in December 2017.
The bank’s balance sheet remained strong with a 5.9% growth in total assets as it closed the period ended June 2018 with total assets of ₦N3.549 trillion and shareholders’ funds of N497.1 billion.
In terms of assets quality, NPL ratio improved to 5.8% in June 2018 from 7.7% in December 2017.
Overall, asset quality improved with Cost of Risk of 0.1% and adequate coverage of 167.5%. Lifetime Credit Impaired Loans i.e. NPLs capital remains strong with CAR of 22.04% in spite of the implementation of IFRS 9.
On the backdrop of this result, Post- Tax Return on Equity (ROAE) and Return on Assets (ROAA) closed at 34.1% and 5.5% respectively.
Commenting on the financial results, the Managing Director/CEO of the bank, Mr. Segun Agbaje, said; “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.”