GTB posts N109.6b profit in six months

Nigeria’s largest financial institution and the third most capitalised quoted company, Guaranty Trust Bank (GTB) Plc recorded steady growths in the top-line and bottom-line in the first half with profit before tax rising to N109.6 billion within the period.

The board of the bank has announced that N8.83 billion would be distributed to shareholders as interim dividend for the first half of 2018, representing a dividend per share of 30 kobo.

Key extracts of the audited report and accounts of GTB for the six-month period ended June 30, 2018 released yesterday at the Nigerian Stock Exchange (NSE) showed that gross earnings rose by 5.9 per cent to N226.6billion in first half 2018 as against N214.1billion reported in comparable period of 2017. Profit before tax stood also rose by 8.4 per cent from N101.1 billion to N109.6 billion.

The balance sheet showed that customers’ deposit grew by 10 per cent N2.269 trillion by June 2018 as against N2.062 trillion recorded at the beginning of the year. Total assets rose by 5.9 per cent to N3.549 trillion in June 2018 while shareholders funds stood at N497.1Billion. Assets quality improved as non-performing loan ratio improved to 5.8 per cent by June 2018 from 7.7 per cent in December 2017.

Managing Director, Guaranty Trust Bank Plc, Mr. Segun Agbaje, described the first half results as decent results noting that in spite of declining yields and the challenges in the operating environment, the bank has maintained its steady growth.

“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,” Agbaje said.

He assured that the bank will continue to focus on consolidating its leading position in all the economies in which it operates by staying committed to building a business that is both nimble and efficient whilst strengthening relationships with its customers and creating business platforms that provide them with additional benefits beyond banking.

Tags: GTB

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