Guaranty Trust Bank plc has released its audited financial results for the
\nyear ended December 31, 2018 to the Nigerian and London Stock Exchanges.<\/p>\n
A review of the results shows positive performance across all financial
\nmetrics and improved strategic positioning of the brand. Gross earnings
\nfor the year grew by 3.7% to \u20a6434.7billion from \u20a6419.2billion reported in
\nthe December 2017. Profit before tax stood at \u20a6215.6billion, representing
\na growth of 9.1% over \u20a6197.7billion* recorded in the corresponding year
\nended December 2017.<\/p>\n
The Bank\u2019s customer deposits increased by 10.3% to \u20a62.274trillion from
\n\u20a62.062trillion in December 2017, however, loan book dipped by 12.9% from
\n\u20a61.449trillion recorded as at December 2017 to \u20a61.262trillion in December
\n2018.<\/p>\n
In view of the above, the Bank closed the 2018 financial year with Total
\nAssets of \u20a63.287trillion and Shareholders\u2019 Funds of \u20a6575.6Billion. In
\nterms of Assets quality, NPL ratio and Cost of Risk improved to 7.3% and
\n0.3% in December 2018 from 7.7% and 0.8% in December 2017 respectively.<\/p>\n
In addition, coverage ratio for NPL stood at 105.1% and Capital adequacy
\nratio remained very strong, closing at 23.4% despite the implementation of
\nIFRS 9. On the backdrop of this result, Post Tax Return on Equity (ROAE)
\nand Return on Assets (ROAA) closed at 30.9% and 5.6% respectively.<\/p>\n
The Bank is proposing final dividend of \u20a62.45k per unit of ordinary share
\nheld by shareholders in addition to interim dividend of 30k per unit of
\nordinary share bringing total dividend for 2018 financial year to \u20a62.75k
\nper unit of ordinary share.<\/p>\n
Commenting on the financial results, the Managing Director\/CEO of Guaranty
\nTrust Bank plc, Mr Segun Agbaje, said; “In 2018, our focus on staying
\nnimble, strengthening customer relationships and driving our digital-first
\nstrategy paid off. We successfully navigated the pressures of our
\nchallenging and radically changing business environment, recorded growth
\nacross key financial indices and reaffirmed our position as one of the
\nbest performing and well managed financial institutions in Africa.<\/p>\n
He further stated that; ‘This result reflects, not just the fundamental
\nstrength of our brand, but also our commitment to our values of
\nexcellence, creating value for all stakeholders and putting our customers
\nfirst in everything that we do. Driven by these values, we are building
\nthe bank of the future by pairing the best of our business with the
\nmassive potential of digital technologies to create Africa’s first
\nintegrated and trusted platform; Habari.<\/p>\n
GTBank has continued to report the best financial ratios in terms of
\nprofitability, efficiency and capital for a Financial Institution in
\nNigeria as revealed by its return on equity (ROAE) of 30.9%, cost to
\nincome ratio of 37.1% and capital adequacy of 23.4%. These ratios are a
\ntestament to the efficient management of the Bank.<\/p>\n
In recognition of the Bank\u2019s bias for world class corporate governance
\nstandards, excellent service delivery and innovation, GTBank has been a
\nrecipient of numerous awards over the years.<\/p>\n
Some of the Bank’s awards in 2018 include Bank of the Year – Nigeria from
\nthe Banker Magazine, Best Banking Group and Best Retail Bank Nigeria from
\nWorld Finance Magazine, Most Innovative Bank from the African Investor,
\nand Best Digital Banking Brand in Nigeria from the Global Brands Magazine.<\/p>\n
Guaranty Trust Bank plc has released its audited financial results for the year ended December 31, 2018 to the Nigerian and London Stock Exchanges. A review of the results shows…<\/p>\n","protected":false},"author":1,"featured_media":28005,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-65317","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n