GTBank gross earnings rises by N4.6bn, declares 2.40 kobo final dividend for 2017

Guaranty Trust Bank Plc. on Monday released its audited financial results for the year ended December 31, 2017 to the Nigerian and London Stock Exchanges, which shows N4.6 billion increase in gross earnings.
A review of the results shows positive performance across all financial indices, reaffirming the bank’s position as one of the most profitable and well managed financial institutions in Nigeria. Gross earnings for the year grew by 1.1 percent to N419.2 billion from N414.6 billion reported in the December 2016; driven primarily by growth in interest income as well as e-payment revenues. Profit before tax stood at N200.2 billion, representing a growth of 21.3 percent over N165.1 billion recorded in the corresponding year ended December 2016, while profit after tax grew from N132.3 billion to N170.5 billion, added 28.9 percent.
The bank’s loan book dipped by 8.9 percent from N1.590 trillion recorded as at December 2016 to N1.449 trillion in December 2017 while customer deposits increased by 3.8 percent to N2.062 trillion from N1.986trillion in December 2016.
The bank’s balance sheet remained strong with a 3.9 percent growth in total assets and contingents as the bank closed the year ended December 2017 with total assets and contingents of N3.845 trillion and shareholders’ funds of N625.2Billion. In terms of assets quality, NPL ratio increased to 7.7 percent in December 2017 from 3.7 percent in December 2016 largely as a result of classification of a single exposure within the Nigerian Telecommunications Industry.
Overall, asset quality remains stable with adequate coverage of 119.6 percent, while capital remains strong with CAR of 25.7 percent. On the backdrop of this result, Return on Equity (ROAE) and Return on Assets (ROAA) closed at 35.4 percent and 6.2 percent respectively.
Meanwhile, the bank is proposing a final dividend of 240 kobo per unit of ordinary share held by shareholders in addition to interim dividend of 30 kobo per unit of ordinary share bringing total dividend for 2017 financial year to N2.70 per unit of ordinary share.