GTBank declares N63.11 billion half year gross profit

Guaranty Trust Bank [GT] has declared profit before tax of N63.11 billion in its audited financial results for the half year ended June 30, 2015, to the Nigerian and London Stock Exchanges.

A review of the half year performance, shows positive growth across all key financial metrics and improved strategic positioning of the brand. Gross earnings for the period grew by 15 per cent to N153billion from N133billion reported in the June 2014; driven primarily by growth in interest income.

Profit before tax stood at N63.11billion, representing a growth of 18 per cent over N53.39billion recorded in the corresponding period of June 2014.

The bank’s loan book grew by two per cent from N1.276 trillion recorded as at December 2014 to N1.299 trillion in June 2015 and total customer deposits increased by five per cent to N1.71 trillion from N1.618 trillion in December 2014.

The bank closed the half year ended June 2015 with total assets and contingents of N3.04 trillion and shareholders’ funds of N385 billion. The bank’s non-performing loans remained low at 3.73 per cent.

On the backdrop of this result, return on equity and return on assets stood at 28.1 per cent and 4.4 per cent respectively. The bank is proposing interim dividend of N0.25k per ordinary share of 50 kobo each for period ended June 30, 2015.

The Managing Director/CEO of GTB, Segun Agbaje, attributed the Bank’s strong performance during a tough half year period, to the continued support of its customers, the commitment and hard work of its staff, management and board, and strong corporate governance standards.