" ITREALMS: GTBank rakes in N32.65bn after Q1 tax

Saturday, April 18, 2015

GTBank rakes in N32.65bn after Q1 tax

Guaranty Trust Bank plc raked in the sum of N32.6 billion in the Profit After Tax of its first quarter operations which ended March 31, 2015, reports DigitalSENSE Business News.

An unaudited financial result made available to DigitalSENSE Business News and released at the Nigerian and London Stock Exchanges, showed that the Q1 2015 results the Bank continued on a strong growth trajectory, re-affirming its position as one of the most profitable and well managed financial institutions in Nigeria. 

The Managing Director and Chief Executive Officer of Guaranty Trust Bank plc Mr Segun Agbaje,  they recorded a 17 per cent growth in Gross Earnings to N79.02 Billion, from N67.58 Billion recorded in the comparative period of 2014, underpinned by strong growth in interest income and effective management of operating expenses and cost of risk. Profit Before Tax (PBT) was N32.65 Billion, an increase of 17 per cent from N28.01 Billion reported in Q1 2014. 

Also, he said in a press statement made available to DigitalSENSE Business News the Bank closed Q1 2015 with Total Assets and Contingents of N3.15 Trillion, customer deposits of N1.69 Trillion and Shareholders’ Funds of N357.59 Billion. The Bank’s non-performing loans improved to 3.06 per cent from 3.40 per cent in the comparative period of Q1 2014 whilst the loan book grew by 28 per cent to close at N1.30 Trillion in Q1 2015, from N1.02 Trillion in Q1 2014. The Bank also reported a post-tax ROAE of 29.03 per cent and ROAA of 4.39 per cent respectively.

“A major focus for the Bank this year is to strengthen market positions with distinctive customer propositions in chosen segments in order to deliver long-term sustainable and efficient growth as well as strong shareholder returns” Mr Agbaje assured. 


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