" ITREALMS: GTBank releases full year 2017 with PBT @N200.24bn

Thursday, March 15, 2018

GTBank releases full year 2017 with PBT @N200.24bn

The Guaranty Trust Bank (GTBank) plc, has released its audited financial results for the year ended December 31, 2017 to the Nigerian and London Stock Exchanges, reports ITRealms.

An appraisal of the results by ITRealms, showed positive performance across all financial indices, reaffirming the Bank’s position as one of the most profitable and well managed financial institutions in Nigeria, with its Profit Before Tax (PBT) standing at N200.24 billion as at end of year, under review.

According to the results, the gross earnings for the year grew by 1.1 per  cent to ₦419.2billion from ₦414.6billion reported in the December 2016; driven primarily by growth in interest income as well as e-payment revenues. Profit before tax stood at ₦200.2billion, representing a growth of 21.3 per cent over ₦165.1billion recorded in the corresponding year ended December 2016. The Bank’s loan book dipped by 8.9per cent from ₦1.590trillion recorded as at December 2016 to ₦1.449trillion in December 2017 while customer deposits increased by 3.8per cent to ₦2.062trillion from ₦1.986trillion in December 2016.

The Bank’s balance sheet remained strong with a 3.9per cent growth in Total Assets and Contingents as the Bank closed the year ended December 2017 with Total Assets and Contingents of ₦3.845trillion and Shareholders’ Funds of ₦625.2Billion. In terms of Assets quality, NPL ratio increased to 7.7per cent in December 2017 from 3.7per cent in December 2016 largely as a result of classification of a single exposure within the Nigerian Telecommunications Industry.

In addition, non-performing loans, the bank said, would moderate to 4.6 per cent, which is below regulatory threshold, if we exclude this name from NPL ratio computation. Overall, asset quality remains stable with adequate coverage of 119.6 per cent, while Capital remains strong with CAR of 25.7 per cent. On the backdrop of this result, Return on Equity (ROAE) and Return on Assets (ROAA) closed at 35.4 per cent and 6.2 per cent respectively. The Bank is proposing a final dividend of 240k per unit of ordinary shareheld by shareholders in addition to interim dividend of 30k per unit of ordinary share bringing total dividend for 2017 financial year to ₦2.70 per unit of ordinary share.

In his reaction, the Managing Director/CEO GTBank, Mr. Segun Agbaje, said that the 2017 was a pivotal year for the bank.

“We delivered a strong result in a challenging environment; achieving record growth in earnings, carefully managing cost margins and leveraging our digital-first customer-centric strategy to deliver world-class services that are simple, cheap and easily accessible,” he said.

Agbaje further said that the result demonstrated the fundamental strength of GTbank’s franchise as well as the progress made in transforming the organization into a platform on which customers could build their businesses, connect with their consumers and access all the resources that they need to make their lives better.

GTBank has continued to report the best financial ratios for a Financial Institution in the industry as revealed by its return on equity (ROE) of 35.4per cent and cost to income ratio of 38.1 per cent evidencing the efficient management of assets and operational efficiency. Overall, the Bank has enshrined its position as a clear leader in the industry. In recognition of its innovation and hard work, the Bank received over 20 international awards in 2017.

Chuks Egbune/GEE

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