Home News GTBank Releases 2019 Q1 Unaudited Results; Reports Profit before Tax of ₦57.0Billion

GTBank Releases 2019 Q1 Unaudited Results; Reports Profit before Tax of ₦57.0Billion

by Our Reporter
Guaranty Trust Bank plc has released its unaudited Financial Results for
the quarter ended March 31, 2019 to the Nigerian and London Stock
Exchanges.

The Bank recorded positive performance across all financial metrics with
gross earnings for the period growing by 1.2% to ₦110.3billion from
₦109.0billion posted in March 2018. Profit before tax improved to
₦57.0billion from ₦52.6billion recorded in the corresponding period of
March 2018, representing a growth of 8.3%. Customers’ deposits also rose
by 6.0% to ₦2.410trillion in March 2019 from ₦2.274trillion in December
2018, whilst the Bank’s Loan book grew by 1.6% from ₦1.262trillion as at
December 2018 to ₦1.282trillion in March 2019.

Balance sheet remained strong with the Bank closing the quarter ended
March 31, 2019 with Total Assets of ₦3.556trillion and Shareholders’ Funds
of ₦627.2Billion. In terms of Assets quality, NPL ratio and Cost of Risk
closed 7.03% and 0.05% in March 2019 from 7.30% and 0.34% in December 2018
respectively. In addition, coverage for NPL stood at 90.12% while Full
Impact Capital adequacy ratio remained very strong, closing at 22.25%. On
the backdrop of this result, Post Tax Return on Equity (ROAE) and Return
on Assets (ROAA) closed at 32.79% and 5.76% respectively. These indices
are pointer to GTBank’s strategic positioning in Nigeria and other
Countries where the Group operates.

Commenting on the first quarter results, the Managing Director/CEO of
Guaranty Trust Bank plc, Mr Segun Agbaje, said; “Going into 2019, we knew
that it would be a challenging year, but our strategy and unwavering focus
on delivering value for our customers and shareholders continues to
underpin our ability to consistently deliver solid results despite
changing market variables. We carried on the momentum of the previous
year, posting strong growth in earnings, effectively managing costs and
leveraging our digital-first customer-centric strategy to deliver
world-class services that are simple, cheap and easily accessible.”

He further stated that; “Whilst ensuring the long-term growth of our
business is the greatest value that we can create for our communities, we
are also leveraging our resources, expertise and network to help people
thrive. That’s why, from April 28 to May 1, 2019, we are organizing the
biggest food and drink festival in Africa to give small businesses in the
food industry the platform, network and access to the markets that they
need to grow.”

GTBank has continued to be best in class in terms of Profitability,
Efficiency and Capital among Peers and other Financial Institutions in
Nigeria. This is evidenced by its Earnings per Share of ₦1.74, Return on
Equity (ROAE) of 32.79%, Cost to Income Ratio of 38.64% and Capital
Adequacy of 22.25%. These metrics are a testament to the efficient
management 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 the
Bank’s recent awards include 2018 Bank of the Year – Nigeria from the
Banker Magazine and 2018 Best Banking Group and Best Retail Bank Nigeria
from World Finance Magazine.

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