1st Quarter, 2016 Profit: It is landmark N30.68 billion For GTBank
Guaranty
Trust Bank plc has released its unaudited financial results for the
first quarter ended March 31, 2016 to the Nigerian and London Stock
Exchanges.
A
review of the 1Q 2016 result shows that the Bank continued to
consolidate on its position as one of the most profitable and well
managed financial institutions in Nigeria, recording moderate growth
from its core banking activities. However, decline in trading and
revaluation gains occasioned by FX paucity robbed off on the impressive
performance recorded with a 4.6% decline in gross
earnings to N75.39 billion (Q1, 2015: N79.02 billion), a 6.1% decline in
Profit Before Tax to N30.68 billion (Q1, 2015: N32.65 billion) and 3.6%
decline in Profit After Tax (PAT) to N25.61 billion (Q1 2015: N26.56
billion). The Bank also reported a post-tax ROAE of 24.19% and ROAA of
3.96% respectively. Shareholders’ funds closed at N433.41 billion (FY
2015: N413.56 billion).
The
bank’s Balance Sheet remained strong with 5.2% growth in Total Assets
to N2.66 trillion (FY 2015: N2.52 trillion). Loan book declined slightly
by 0.7% to close at N1.36 trillion (FY 2015: N1.37 trillion).
Customer’s Deposit grew by 10.3% to N1.78 trillion (FY 2015: N1.61
trillion). In line with the bank’s Risk Management strategy, the bank
approached its loan growth with disciplined strategy, thus Non
Performing Loans (NPL) of the bank for the period under review is still
well within range at 3.51% and Net Interest Margin (NIM) for the period
under review declined marginally by 9bps to 8.12% from 8.21% in Q1 2015.
Commenting on the financial results, Segun Agbaje, the Managing Director and Chief Executive Officer of Guaranty Trust Bank plc
stated that “Despite a slow start in economic activity in 2016 and the
extremely challenging business environment, the Bank recorded decent
performance across key financial indices during the period.”. He added
that “We understand that there’s a lot more work to be done, we are
however prepared for the challenges and opportunities that lie ahead the
2016 financial year”.
As
a financial institution with a bias for industry leadership,
exceptional service delivery and innovation, Guaranty Trust Bank plc has
experienced tremendous growth since its inception in Nigeria in 1990
with business outlays spanning Anglophone and Francophone countries of
West Africa, East African and the United Kingdom. The Bank presently
employs over 10,000 peoples in Cote d’Ivoire, Kenya, Gambia, Ghana,
Liberia, Sierra Leone, Rwanda, Uganda and the United Kingdom.
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