GTBank Total Assets Hit N3.598trillion  ..Reports N115.8Billion PBT 

Yemisi Izuora 

Guaranty Trust Bank Plc, has closed the half year which ended in June 30, 2019 with Total Assets of ₦3.598trillion and Shareholders’ Funds of ₦603.0Billion

This is contained in its audited financial results for the period released to the Nigerian and London Stock Exchanges. 

The half year result showed a positive growth across key financial metrics and reflects the Bank’s leading position as one of the best managed financial institutions in Africa. 

The Bank reported a Profit before Tax of ₦115.8billion, representing a growth of 5.6 per cent over ₦109.6billion recorded in the corresponding period of 2018. 

The Bank’s loan book grew by 1.0 per cent from ₦1.262trillion recorded as at December 2018 to ₦1.274trillion in June 2019 and customer deposits increased by 6.3 per cent to ₦2.418trillion from ₦2.274trillion in December 2018.

In terms of Asset quality, NPL ratio and Cost of Risk improved to 6.8 per cent and 0.2 per cent in June 2019 from 7.3 per cent and 0.3 per cent in December 2018 respectively. 

Overall, asset quality remains stable with adequate coverage of 84.7 per cent, while Capital remains strong with CAR of 23.5 per cent. On the backdrop of this result, Return on Equity (ROAE) and Return on Assets (ROAA) stood at 33.7 per cent and 5.8 per cent respectively. The Bank is proposing an interim dividend of 30kobo per ordinary shareof 50 kobo each for period ended June 30, 2019.

Commenting on the financial results, the Chief Executive Officer of Guaranty Trust Bank plc, Segun Agbaje, said; “We have delivered a good result inspite of a challenging market, characterized by varying degrees of uncertainty and a rapidly changing competitive landscape. Our strong financial performance is underpinned by our unwavering focus on delivering value for our shareholders and reimagining the role we play in our customers’ lives.”

He further stated that “In a rapidly changing world and increasingly unpredictable environment, we are committed to building a long-term business that is both nimble and focused on flawless execution. The progress that we have made over the past six months demonstrates that we have the right strategy and the dedicated team to deliver for all our stakeholders, even in difficult conditions.”

 The Bank has continued to report the best financial ratios for a Financial Institution in the industry with a return on equity (ROE) of 33.7 per cent and a cost to income ratio of 37.6 per cent evidencing the efficient management of the banks’ assets. 

These ratios are a testament to the competent and experienced management and work-force, efficient balance sheet structure and operational efficiency 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. Some of these include Africa’s Best Bank and Best Bank in Nigeria from Euromoney Magazine, and Best Banking Group and Best Retail Bank by World Finance Magazine.

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