GTBank Releases Q3 2018 Unaudited Results…..Reports Profit before Tax of ₦164.2 Billion

Guaranty Trust Bank plc has released its unaudited financial results for
the period ended September 30, 2018 to the Nigerian and London Stock
Exchanges.

A review of the results shows positive performance across all financial
indices, reaffirming the Bank’s position as one of the most profitable and
well managed financial institutions in Nigeria. Gross earnings for the
period grew by 8.8% to ₦337.3billion from ₦309.9billion reported in
September 2017. Profit before tax stood at ₦164.2billion, representing a
growth of 9.5% over ₦150.0billion recorded in the corresponding period of
September 2017. The Bank’s Loan Book dipped by 12.3% from ₦1.449trillion
recorded as at December 2017 to ₦1.270trillion in September 2018, while
customers’ deposit grew by 8.6% to ₦2.239trillion from ₦2.062trillion in
December 2017.

The Bank’s balance sheet remained resilient with Total assets and
Shareholders’ Funds closing at ₦3.433trillion and ₦534.3Billion
respectively, a 2.4% growth from Total Asset Position of ₦3.351trillion as
at December 2017, Capital Adequacy Ratio (CAR) however dipped by 300bps to
22% despite the impact of IFRS 9 implementation. In terms of Assets
quality, NPL ratio and Cost of Risk (COR) improved to 5.6% and 0.1% in
September 2018 from 7.8% and 0.5% position in December 2017 respectively.
Complementing the improvement noted in NPLs and COR, we maintained
adequate Loan Loss coverage of 180.6% for Lifetime Credit Impaired Loans
(NPLs). On the backdrop of this result, Post- Tax Return on Equity (ROE)
closed at 32.7% while Return on Assets (ROA) stood at 5.6%.

Commenting on the financial results, the Managing Director/CEO of Guaranty
Trust Bank plc, Mr. Segun Agbaje, said; “Despite operating in a very
challenging business environment, our 3rd quarter result is a reflection
of how we have appropriately positioned our balance sheet to cope with
economic realities. It further demonstrates the strength of our business
strategy to deliver financial services that enriches the lives of our
customers and creates more value for all our stakeholders.”

He added that, “Going into the final quarter of the year, the Bank will
continue to drive its digital-first customer-centric strategy to improve
customer experience and expand its range of service offering whilst
constantly differentiating itself by maintaining a high standard in
service delivery and putting customers at the heart of everything that we
do.”

Over all, Guaranty Trust Bank plc continues to be best-in-class in the
Nigerian banking industry in terms of all financial ratios i.e. Post-Tax
Return on Equity (ROE) of 32.7%, Post-Tax Return on Assets (ROA) of 5.6%,
Cost to Income ratio of 38.3% and PBT margin of 48.7%. These ratios are
testament to experienced Management, efficient Balance sheet structure
coupled with operational efficiency of the Bank.

In recognition of the Bank’s stance on world class corporate governance
standards, excellent service delivery and innovation, GTBank has been a
recipient of numerous awards in the course of the year. They include
Africa’s Best Bank for SMEs and Best Bank in Nigeria from Euromoney
Magazine, African Bank of the Year from African Banker Magazine, Best
Banking Group and Best Retail Bank from World Finance Magazine, Best Bank
in Africa for Corporate Governance from Ethical Boardroom Magazine.