GTBank posts N84bn after tax profit in half year 2017
… To pay N8.8bn as interim dividend

Guaranty Trust Bank Plc has reported an impressive profit after tax for the half year results released to the Nigerian and London Stock Exchange.

According to the bank’s audited financial results for the half year ended June 30, 2017, the profit after tax rose by N11.910 billion represented 16.60 percent over N71.768 billion it made during the half year 2016 to end current half year with N83.679 billion.
The profit after tax to gross earnings of the bank shows improvement over the previous half year results, as it stood at 39.08 percent against 34.20 percent recorded in 2016 half year.

Its profit before tax stood at N101.101 billion from N85.688 billion, translated to 17.99 percent or N15.413 billion.
The lenders Group gross earnings hits N214.098 billion during the half year 2017 from N209.873 billion recorded in half year 2016, this shows N42.250 billion or 2.01 percent increase at the end of review period.
Earnings per share of the the tier 1 bank increased by 16.54 percent over N2.54 kobo it made in half year 2016 to end the current half year at N2.96 kobo per share.
Its total assets rose from N3.116 trillion at the end of full year 2016 to N3.232 trillion which represented 3.72 percent increase.
However the bank liabilities increased from N2.611 trillion to N2.694 trillion at the end of half year 2016.
Guaranty Trust Bank failed to improve its customers deposit, as it dropped from N1.986 trillion it customers deposited at the end of December 2016 to N1.966 trillion.
Also, the bank loans and advances to customers decline from N1.589 trillion to N1.489 trillion at the end of half year 2017.
Meanwhile, its shareholders to enjoy N8.829 billion interim dividend as the board declared 30 kobo per share interim dividend.
The dividend declared represented 10.55 percent of profit after tax recorded during the half year 2017.
Commenting on the financial results, Mr Segun Agbaje, the Managing Director/CEO of Guaranty Trust Bank Plc, said that “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.”
He further stated 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”.
The Bank has continued to report the best financial ratios for a Financial Institution in the industry with a Return on Equity (ROE) of 38.8 percent and a cost to income ratio of 40.2 percent evidencing the efficient management of the banks’ assets.