GTBank grosses N434.7 bn in full year
Guaranty Trust Bank Plc’s (GTB) audited financial results for the year ended December 31, 2018, released the Nigerian and London Stock Exchanges, showed gross earnings of N434.7 billion.
Specifically, the bank’s gross earnings for the year grew by 3.7 per cent to ₦434.7 billion from ₦419.2 billion reported in the December 2017, while Profit before tax stood at ₦215.6billion, representing a 9.1 per cent growth over ₦197.7billion recorded a year earlier.
GTbank, in a statement attributed the performance to efforts at strengthening customer relationships, and driving digital-first strategy, which helped it to successfully navigate the pressures of challenging and radically changing business environment.
The bank’s customer deposits increased by 10.3 per cent to ₦2.274 trillion from ₦2.062 trillion posted in December 2017. However, loan book dipped by 12.9 per cent from ₦1.449trillion recorded as at December 2017 to ₦1.262trillion in December 2018.
Accordingly, the bank closed the 2018 financial year with total assets of ₦3.287 trillion, while shareholders’ funds stood at of ₦575.6 billion. In terms of assets quality, NPL ratio and cost of risk improved to 7.3 per cent and 0.3 per cent in December 2018, from 7.7 per cent and 0.8 per cent year-on-year respectively.
In addition, coverage ratio for non-performing loans (NPLs) stood at 105.1 per cent, and capital adequacy ratio remained very strong, closing at 23.4 per cent despite the implementation of IFRS 9.The Managing Director/CEO, GT Bank, Mr Segun Agbaje, said: “In 2018, our focus on staying nimble, strengthening customer relationships and driving our digital-first strategy paid off.
“We successfully navigated the pressures of our challenging and radically changing business environment, recorded growth across key financial indices and reaffirmed our position as one of the best performing and well managed financial institutions in Africa.He continued: This result reflects, not just the fundamental strength of our brand, but also our commitment to our values of excellence, creating value for all stakeholders and putting our customers first in everything that we do.
“Driven by these values, we are building the bank of the future by pairing the best of our business with the massive potential of digital technologies to create Africa’s first integrated and trusted platform.”
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