Guaranty Trust Bank Plc has reported profit after tax of N147.989 billion for the nine months ended September 30, 2019 as against N142.224 billion reported the previous year, accounting for a growth of 3.4 per cent.
The group also posted a profit before tax of N170.652 billion, represented a growth of 3.9 per cent over N164.246 billion recorded in the corresponding period of September 2018.
A further review of the results released to the Nigerian and London Stock Exchanges showed the group’s gross earnings for the period declined by 3.3 per cent to N326.0342 billion from N337.270 billion reported a year earlier.
The bank’s half year result had showed positive growth across key financial metrics and reflects GTBank’s leading position as one of the best managed financial institutions in Africa.
The bank reported a profit before tax of N115.8 billion, representing a growth of 5.6 per cent over N109.6 billion recorded in the corresponding period of 2018. The Bank’s loan book grew by 1.0 per cent from N1.262 trillion recorded as at December 2018 to N1.274 trillion in June 2019 and customer deposits increased by 6.3 per cent to N2.418 trillion from N2.274 trillion in December 2018.
The bank closed the half year ended June 2019 with total Assets of N3.598 trillion and Shareholders’ Funds of N603.0 billion. In terms of Asset quality, NPL ratio and Cost of Risk improved to 6.8 per cent and 0.2 per cent in June 2019 from 7.3 per cent and 0.3 per cent in December 2018 respectively. Overall, asset quality remains stable with adequate coverage of 84.7 per cent, while Capital remains strong with CAR of 23.5 per cent. On the backdrop of this result, Return on Equity (ROAE) and Return on Assets (ROAA) stood at 33.7 per cent and 5.8 per cent respectively. The Bank is proposing an interim dividend of 30 kobo per ordinary share of 50 kobo each for period ended June 30, 2019.
Commenting on the financial results, the Chief Executive Officer of Guaranty Trust Bank Plc, Segun Agbaje, said: “We have delivered a good result inspite of a challenging market, characterized by varying degrees of uncertainty and a rapidly changing competitive landscape. Our strong financial performance is underpinned by our unwavering focus on delivering value for our shareholders and reimagining the role we play in our customers’ lives.
“In a rapidly changing world and increasingly unpredictable environment, we are committed to building a long-term business that is both nimble and focused on flawless execution. The progress that we have made over the past six months demonstrates that we have the right strategy and the dedicated team to deliver for all our stakeholders, even in difficult conditions.”