The Guardian
Email YouTube Facebook Instagram Twitter WhatsApp

GTB records 35 per cent increase in PBT

Related

Managing Director of Guaranty Trust Bank Plc, Segun Agbaje

Managing Director of Guaranty Trust Bank Plc, Segun Agbaje

Guaranty Trust Bank (GTB) Plc has posted gross earnings of N209.9 billion and Profit Before Tax (PBT) of N 91.38 billion in its half-year operations.

Specifically, the bank’s half-year performance ended June 30, 2016 showed 37 per cent rise in gross earnings to ₦209.9 billion from ₦153 billion reported in the June 2015n while PBT stood at ₦91.38 billion, representing a growth of 45 per cent over ₦63.11billion recorded in the corresponding period of June 2015.

The bank attributed the improved performance to effective management of the balance sheet and adapting its business model to changing market variables.

“The quality of our past decisions enabled us navigate the challenges that persisted in the business environment most of the half year period.

Also, increase in gross earnings was driven by growth in fee & commission income as well as foreign exchange income.

The Bank’s loan book grew by 14 per cent, from ₦1.373 trillion recorded as at December 2015 to ₦1.562t rillion in June 2016 with corresponding growth in total deposits, which also rose by 23 per cent to ₦2.008 trillion from ₦1.637 trillion in December 2015.

Further analysis revealed that the bank’s total asset and contingents stood at ₦3.42 trillion and shareholders’ funds of ₦453 billion during the period under review.

The bank’s non-performing loans remained low and within regulatory threshold at 4.39 per cent (Bank: 3.54 per cent) with adequate coverage of 170.1 per cent (Bank: 214.8 per cent).

Furthermore, the bank explained that increase in collective impairment was borne out of the prudent stance of the bank, while capital remains strong with CAR of 18.25 per cent.

Consequently, the bank’s Return on Equity (ROAE) and Return on Assets (ROAA) closed at 35.8 per cent and 5.7 per cent.

The Bank is also proposing interim dividend of 25 kobo per unit of ordinary share held by shareholders.

The Managing Director of the bank, Segun Agbaje; said: “Going into the year, we knew it would be a challenging year and we prepared for it by focusing on effective management of the balance sheet and adapting our business model to changing market variables. The quality of our past decisions enabled us navigate the challenges that persisted in the business environment most of the half year period.”

Whilst expressing appreciation to customers for their loyalty, Agbaje added that while the current economic realities present some challenges to growth, the bank remained committed to its ideals of staying positive, delivering exceptional service to customers and adding value to all stakeholders.


Receive News Alerts on Whatsapp: +2348136370421

No comments yet