Guaranty Trust Bank Plc on Tuesday released its audited financial statement for the half year ended June 30, 2017, declaring a profit before tax of N101.1 billion.
The News Agency of Nigeria reports that the audited financial statement contained in the company’s half year result, was released by the Nigerian Stock Exchange (NSE).
The report showed that the profit represented a growth of 18 per cent when compared to N85.69 billion posted in the comparative period of 2016.
Gross earnings rose by two per cent to ₦214.1 billion from ₦209.9 billion achieved in the corresponding period of 2016.
It said that the increase was driven primarily by growth in investment securities income as well as income from risk assets.
The bank is proposing an interim dividend of 30k per ordinary share of 50k each for the period ended June 30, 2017.
The bank’s loan book declined by six per cent to N1.49 trillion compared to ₦1.59 trillion recorded as at December 2016.
Also, customer deposits decreased by one per cent to ₦1.97 trillion, from ₦1.99 trillion in December 2016.
The bank during the period under review posted N3.75 trillion in total assets and contingents and shareholders’ funds of N538 billion.
On the backdrop of this result, Return on Equity (ROAE) and Return on Assets (ROAA) stood at 38.8 per cent and 6.4 per cent respectively.
Segun Agbaje, the bank’s Managing Director, was quoted by the statement, as saying that the strong performance reflected the strength of its business and the quality of past decisions.
Mr. Agbaje added that the success of its efforts toward becoming a digital-first customer-centric bank that offers simple and easily accessible products and services contributed to the growth.
He said that the bank focused resources on strengthening relationships with its customers in spite of the challenging environment of slow economic growth.
Mr. Agbaje stated that the bank created business platforms that sought to add value across all customer segments.
He said that the bank had continued to report the best financial ratios for a financial institution in the industry, with a return on equity (ROE) of 38.8 per cent and a cost to income ratio of 40.2 per cent evidencing the efficient management of assets.
Support PREMIUM TIMES' journalism of integrity and credibility
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
TEXT AD: Call Willie - +2348098788999