GTBank declares N115.8bn PBT in H1 2019

Guaranty Trust Bank Plc has declared a Profit Before Tax (PBT) of N115.8 billion in its audited financial results for the half-year ended June 30, 2019.

The half-year result which was released on the Nigerian and London Stock Exchanges showed positive growth across key financial metrics.

Analysis of the report showed that the lender grew its PBT by 5.6 per cent from N109.6 billion in June 2018, to N115.8 billion, in June 2019. The management of the Bank also proposed an interim dividend of 30 kobo per share

The Bank’s loan book grew from N1.262 trillion recorded as at December 2018 to N1.274 trillion in June 2019 and customer deposits increased by 6.3 per cent to N2.418 trillion from N2.274 trillion in December 2018.

The Bank closed the half-year ended June 2019 with total assets of N3.598 trillion and shareholders’ funds of N603.0 billion.

In terms of asset quality, NPL ratio and cost of risk improved to 6.8 per cent and 0.2 per cent in June 2019 from 7.3 per cent and 0.3 per cent in December 2018 respectively.

Overall, asset quality remains stable with adequate coverage of 84.7 per cent, while capital remains strong with CAR of 23.5 per cent.

On the backdrop of this result, Return on Equity (ROAE) and Return on Assets (ROAA) stood at 33.7 per cent and 5.8 per cent respectively.

Speaking on the financial results, the chief executive officer of Guaranty Trust Bank, Segun Agbaje, said, “We have delivered a good result in spite of the challenging market, characterised by varying degrees of uncertainty and a rapidly changing competitive landscape.

Our strong financial performance is underpinned by our unwavering focus on delivering value for our shareholders and re-imagining the role we play in our customers’ lives.”

He further stated, “In a rapidly changing world and increasingly unpredictable environment, we are committed to building a long-term business that is both nimble and focused on flawless execution.

The progress that we have made over the past six months demonstrates that we have the right strategy and the dedicated team to deliver for all our stakeholders, even in difficult conditions.”

The Bank has continued to report the best financial ratios for a financial institution in the industry with a return on equity (ROE) of 33.7 per cent and a cost to income ratio of 37.6 per cent evidence in