GTBank releases Q3 2018 unaudited results, reports profit before tax of N164.2 Billion

GTBank releases Q3 2018 unaudited results, reports profit before tax of N164.2 Billion

- in Business
70
Comments Off on GTBank releases Q3 2018 unaudited results, reports profit before tax of N164.2 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 Best Banking Group & Best Retail Bank in Nigeria from World Finance Magazine and Best Mobile payments service & Digital Wallet of the year from Asian Banker Magazine.

Facebook Comments

You may also like

Jonathan a patriot, democrat – Buhari

President Muhammadu Buhari has described his predecessor, Dr