GTBank records N50.39bn PBT in Q1 2017

Guarantee Trust Bank (GTBank) on Wednesday declared a total sum of N50.39 billion Profit before Tax (PbT) for its First Quarter (Q1) financial period ended March, 2017.

A review of the results showed that the lender’s PBT stood at N50.39billion, representing a growth of 64 percent over N30.68billion recorded in the corresponding period of March 2016.

The Bank’s loan to customers dipped marginally by 2 per cent from N1.591trillion recorded in December 2016 to N1.563trillion as at March 2017.

Deposit from customers grew marginally by 1percent from N1.986trillion in December 2016 to N2.012trillion in March 2017.

However, the bank gross earnings for the period grew by 39 per cent to N104.66billion from N75.39billion reported in March 2016; driven primarily by growth in interest income

The Bank’s balance sheet remained strong with a 1.6 per cent growth in Total Assets as the Bank closed the quarter ended March 2017 with Total Assets of N3.16trillion and Shareholders’ Funds of N546.9Billion.

The Bank’s non-performing loans remained low and within regulatory threshold at 3.62 per cent (Bank: 3.27%) with adequate coverage of 231.6 per cent (Bank: 266.6%). Capital remains strong with CAR of 20.03 per cent. On the backdrop of this result, Return on Equity (ROAE) and Return on Assets (ROAA) closed at 31.55 per cent and 5.28 per cent respectively.

Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr Segun Agbaje, said that “Given the significant progress we made in 2016, we came into the year better equipped to navigate any further economic headwinds, and our performance in the first quarter demonstrates our ability to deliver sustainable long-term growth.

We remain committed to maximizing shareholders’ value and delivering superior and sustainable return, guided by our founding values of hard work, discipline and integrity.

He further stated that “As we transform our organization into a platform for enriching lives, we are providing our customers with information and access they need to thrive. We are also leveraging our brand and networks to support small businesses through free business platforms and capacity building initiatives.