GTBank grows loan by 16%, increases total deposits by 29%

GTBank’s loan book grew by 16% from N1.373trn recorded as at December 2015 to N1.590trn in December 2016 with corresponding growth in total deposits which increased by 29% to N2.11trn from N1.637trn in December 2015.

This came as the financial institution released its audited financial results for the year ended December 31, 2016 to the Nigerian and London Stock Exchanges, reporting a profit after tax of N132.3 billion.

The Bank’s balance sheet remained strong with a 19.7% growth in Total assets and Contingents as the Bank closed the year ended December 2016 with Total Assets and Contingents of ₦3.70trillion and Shareholders’ Funds of ₦504.9Billion.

Its non-performing loans remained low and within regulatory threshold at 3.66% (Bank: 3.29%) with adequate coverage of 131.79% (Bank: 150.80%). Increase in collective impairment was borne out of the prudent stance of the Bank, while Capital remains strong with CAR of 19.79%.

The results showed positive performance across all financial indices, reporting a profit after tax of N132.3 billion, representing a growth of 33 per cent from N99.4 billion recorded in December 2015.

It has therefore proposed a final dividend of 175k per unit of ordinary share held by shareholders in addition to interim dividend of 25k per unit of ordinary share bringing total dividend for 2016 financial year to N2 per unit of ordinary share.

Gross earnings for the period grew by 37% to N414.62billion from N301.85billion reported in the December 2015; driven primarily by growth in interest income as well as foreign exchange income.

Profit before tax stood at N165.14billion, representing a growth of 37% over N120.69billion recorded in the corresponding period of December 2015.