GTBank Makes N49 Billion Profit at Half Year

Guaranty Trust Bank Plc (GTBank) has announced a profit after tax of N49.01billion for the half year-ended June 30, 2013, indicating an increase by N3.46 billion or 7.59 per cent over the N45.55 billion reported in June 2012.

The bank's audited financial results released to the Nigerian and London Stock Exchange (NSE) Tuesday showed that it recorded positive performance across all financial indices.

Its gross earnings for the period stood at N124.20 billion, an increase of N10.68 billion from the N113.53 billion reported for the corresponding period in 2012.
Also, its profit before tax in the period stood at N57.36billion, up from N53.64 billion recorded in June 2012.

While the bank’s total assets and contingents stood at of N2.5 trillion, its customer deposits at N1.25 trillion and Shareholders’ Funds as at the end of June 2013, was N296.95 billion.
However, GTBank’s non-performing loans remained low at 3.41 per cent. As a result of this, its return on equity (ROE) and return on assets (ROA) closed at 33.78 per cent and 5.45 per cent respectively for period ended June, 2013.

Consequently, the bank proposed an interim dividend payment of N7.36 billion to shareholders. This translates to N0.25 per ordinary share of 50 kobo each.

Commenting on the result, the Managing Director/Chief Executive Officer, GTBank, Mr. Segun Agbaje, attributed the bank’s success during the period to the continued support of its customers, hard work and strong corporate governance standards.

Agbaje stressed that a major objective for the bank this year was to add value to its stakeholders through excellent customer service delivery, innovative products and value adding services.

"It is the bank’s belief that success on these fronts would enable it deepen its share of market across all sectors and improve profitability, despite today’s extremely challenging business environment, "he said.
He also thanked the customers for their loyalty and staff for their continued hard work and dedication.

"Guaranty Trust Bank Plc has always been at the forefront of industry service innovations in markets where it operates, having successfully replicated its culture for excellence in its subsidiaries in Ghana, Gambia, Sierra Leone, Liberia, Cote d’Ivoire and the United Kingdom.

“The bank also recently commenced the process of acquiring a 70 per cent stake in Fina Bank of Kenya to enable it extend its reach to East Africa. The acquisition, which is subject to customary regulatory approvals in Kenya, Nigeria, Rwanda and Uganda will see us expand our geographical footprint into three East African Countries; Kenya, Uganda and Rwanda,” Agbaje added.

The bank’s recent service introduction were the GTBank social banking platform - a service offering, which allows people on social networks such as Facebook have banking relationships as well as perform basic banking transactions every day.

August 21, 2013