Guaranty Trust Bank Plc has recorded 8.4 per cent profit before tax from N101.1billion to N109.6billion for the half year ending June 30, 2018
This was stated in the audited financial results for the period ended June 30, 2018 released to the Nigerian and London Stock Exchanges.
A review of the results which was presented to the Nigerian Stock Exchange shows positive performance across all financial indices. For instance, gross earnings for the period grew by 5.9 per cent to N226.6billion from N214.1billion, while customers’ deposit grew by 10.0 per cent to N2.269trillion from N2.062trillion in December 2017.
The bank’s Loan Book ,however, dipped by 10.8per cent from N1.449trillion recorded as at December 2017 to N1.293trillion in June 2018.The bank’s balance sheet remained strong with a 5.9 per cent growth in total assets as the bank closed the period ending June 2018 with total assets of N3.549trillion and shareholders’ funds of N497.1billion.
In terms of assets quality, non-performing loan ratio improved to 5.8per cent in June 2018 from 7.7 per cent in December 2017.
The bank’s overall asset quality improved with cost of risk of 0.1 per cent and adequate coverage of 167.5per cent for lifetime credit impaired Loans i.e. NPLs.
Capital remains strong with CAR of 22.04 per cent in spite of the implementation of IFRS 9. On the backdrop of this result, post- tax return on equity and return on assets closed at 34.1 per cent and 5.5per cent respectively.
Commenting on the financial results, the Managing Director 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. .
According to Agbaje, “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; “We will continue to focus on consolidating our leading position in all the economies in which we operate
by staying committed to building a business that is both nimble and efficient whilst strengthening relationships with our customers and creating business platforms that provide them with additional benefits beyond banking.”
