GTBank post about 20% growth in PAT Q2
…. Bank proposes 30 kobo interim dividend
GTBank has once again reassured its shareholders of its commitment to return value for their trust and market confidence with its second quarter (Q2) 2017 result, which market stakeholders have ranked as remarkable.
The group’s result released by the Nigerian Stock Exchange (NSE) on Tuesday, showed notable growth in both the group’s and bank’s key performance indices for the period ended 30th June, 2017.
Meanwhile, in line with its tradition and a trend deployed by most first tier banks, the board of the bank has indicated that a dividend per share of 30 kobo will be paid to shareholders on the register of the bank as at the close of business on August 23, 2017; and August 17, 2017, for holders of the bank’s Global Depository Receipts (GDR).
The dividend will be paid on September 5, 2017, while holders of the bank’s GDR listed on the London Stock Exchange will receive their dividend payment subsequently
The bank also noted that its Register of Shareholders will be closed on August 24, 2017, while the Register of GDR holders will be closed on August 18, 2017, to enable its Registrars to prepare for the payment of interim dividend.
Meanwhile, the result showed that the group’s gross earnings peaked at N214, 097,579b, while in the corresponding period 2016, group’s gross earnings closed at N209, 872,662b.
Profit before tax for the group in Q2, closed at N101, 100,510b, against N85, 688,338b PAT recorded by the group in 2015 Q2.
In the first half of 2017, GTBank paid higher take as Income tax expense rose to N17,421,102b) , against N13,920,717b paid by the group in 2016.
Profit for the group grew by about 20 per cent to N83, 679,408b, from N71, 767,621b posted in the second quarter period of 2016.
The group’s basic earnings per share closed higher 296 kobo, against 254 kobo in the same period of 2016. Diluted earnings per share also closed higher at 296 kobo, from 254kobo in the Q2 period of 2016.
With a return on equity (ROE) of 38.8% and a cost to income ratio of 40.2% evidencing the efficient management of the banks’ assets, the Bank has continued to report the best financial ratios for a Financial Institution in the industry.
The Bank’s Managing Director/CEO, Mr. Segun Agbaje, in a statement released shortly after the results were announced, explained that “Despite the challenging environment of slow economic growth, we focused our resources on strengthening relationships with our customers, creating business platforms that seek to add value across all customer segments, whilst consolidating our leading position in all the economies in which we operate”.
“Our strong performance in the first half of 2017 reflects the strength of our businesses, the quality of our past decisions and the success of our efforts towards becoming a digital-first customer-centric Bank that offers simple and easily accessible products and services.” Agbaje said.
Bonny Amadi, Adesola Afolabi
