Guaranty Trust Bank plc has released its
audited financial results for the half year ended June 30, 2019 to the Nigerian
and London Stock Exchanges.
The half year result shows positive growth
across key financial metrics and reflects GTBank’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% over ₦109.6billion
recorded in the corresponding period of 2018. The Bank’s loan book grew by 1.0%
from ₦1.262trillion recorded as at December 2018 to ₦1.274trillion in June 2019
and customer deposits increased by 6.3% to ₦2.418trillion from ₦2.274trillion
in December 2018.
The Bank closed the half year ended June 2019
with Total Assets of ₦3.598trillion and Shareholders’ Funds of ₦603.0Billion. In
terms of Asset quality, NPL ratio and Cost of Risk improved to 6.8% and 0.2% in
June 2019 from 7.3% and 0.3% in December 2018 respectively. Overall, asset
quality remains stable with adequate coverage of 84.7%, while Capital remains
strong with CAR of 23.5%. On the backdrop of this result, Return on Equity
(ROAE) and Return on Assets (ROAA) stood at 33.7% and 5.8% respectively. The
Bank is proposing an interim dividend of 30kobo per ordinary share of 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% and a cost to income ratio of 37.6% 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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