Connect with us

Business

Q1 2019: GTBank grows earnings to N110bn

Published

on

Spread The News

By Chioma Obinagwam

Guaranty Trust Bank plc (GTBank) has said that it recorded gross earnings of N110.3 billion for the first quarter (Q1) ended March 31, 2019.

The bank disclosed in its unaudited Financial Results for the quarter ended March 31, 2019 to the Nigerian and London Stock Exchanges on Wednesday.

The result, which showed positive performance across all financial metrics, saw gross earnings for the period growing by 1.2 percent to ₦110.3 billion from ₦109 billion posted in March 2018.

National Daily also gathered from the result that the Bank’s Profit Before Tax (PBT) improved to ₦57 billion from ₦52.6 billion recorded in the corresponding period of March 2018, representing a growth of 8.3 percent.

Similarly, Customers’ deposits rose by 6 percent to ₦2.410 trillion in March 2019 from ₦2.274 trillion in December 2018, whilst the Bank’s Loan book grew by 1.6 percent from ₦1.262 trillion as at December 2018 to ₦1.282 trillion in March 2019.

Balance sheet remained strong with the Bank closing the quarter ended March 31, 2019 with Total Assets of ₦3.556 trillion and Shareholders’ Funds of ₦627.2 billion. In terms of Assets quality, Non-performing Loan (NPL) ratio and Cost of Risk closed 7.03 percent and 0.05 percent in March 2019 from 7.30 percent and 0.34 percent in December 2018 respectively.

In addition, coverage for NPL stood at 90.12 percent while Full Impact Capital adequacy ratio remained very strong, closing at 22.25 percent. On the backdrop of this result, Post Tax Return on Equity (ROAE) and Return on Assets (ROAA) closed at 32.79 percent and 5.76 percent respectively. These indices are pointer to GTBank’s strategic positioning in Nigeria and other Countries where the Group operates.

Commenting on the first quarter results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr Segun Agbaje, said, “Going into 2019, we knew that it would be a challenging year, but our strategy and unwavering focus on delivering value for our customers and shareholders continues to underpin our ability to consistently deliver solid results despite changing market variables. We carried on the momentum of the previous year, posting strong growth in earnings, effectively managing costs and leveraging our digital-first customer-centric strategy to deliver world-class services that are simple, cheap and easily accessible.”

ALSO READ: Nigeria’s power grid under attack

He further stated that, “Whilst ensuring the long-term growth of our business is the greatest value that we can create for our communities, we are also leveraging our resources, expertise and network to help people thrive. That’s why, from April 28 to May 1, 2019, we are organizing the biggest food and drink festival in Africa to give small businesses in the food industry the platform, network and access to the markets that they need to grow.”

GTBank has continued to be best in class in terms of Profitability, Efficiency and Capital among Peers and other Financial Institutions in Nigeria. This is evidenced by its Earnings per Share of ₦1.74, Return on Equity (ROAE) of 32.79 percent, Cost to Income Ratio of 38.64 percent and Capital Adequacy of 22.25 percent.

Advertisement

These metrics are a testament to the efficient management of the Bank. In recognition of the Bank’s bias for world class corporate governance standards, excellent service delivery and innovation, GTBank has been a recipient of numerous awards over the years. Some of the Bank’s recent awards include 2018 Bank of the Year – Nigeria from the Banker Magazine and 2018 Best Banking Group and Best Retail Bank Nigeria from World Finance Magazine.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published.

Trending