Guaranty Trust Bank plc has released its unaudited financial
results for the quarter ended March 31, 2017 to the Nigerian and London Stock
Exchanges.
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 period grew by 39% to ₦104.66billion from ₦75.39billion reported in March
2016; driven primarily by growth in interest income. Profit before tax stood at
₦50.39billion, representing a growth of 64% over ₦30.68billion recorded in the
corresponding period of March 2016. The Bank’s loan to customers dipped
marginally by 2% from ₦1.591trillion recorded in December 2016 to ₦1.563trillion
as at March 2017. Deposit from customers grew marginally by 1% from ₦1.986trillion
in December 2016 to ₦2.012trillion in March 2017.
The Bank’s balance sheet remained strong with a 1.6% growth
in Total Assets as the Bank closed the quarter ended March 2017 with Total
Assets of ₦3.16trillion and Shareholders’ Funds of ₦546.9Billion. The Bank’s
non-performing loans remained low and within regulatory threshold at 3.62%
(Bank: 3.27%) with adequate coverage of 231.6% (Bank: 266.6%). Capital remains
strong with CAR of 20.03%. On the backdrop of this result, Return on Equity
(ROAE) and Return on Assets (ROAA) closed at 31.55% and 5.28% respectively.
Commenting on the financial results, the Managing
Director/CEO of Guaranty Trust Bank plc, Mr Segun Agbaje, said that “Given the
significant progress we made in 2016, we came into the year better equipped to
navigate any further economic headwinds, and our performance in the first
quarter demonstrates our ability to deliver sustainable long-term growth. We
remain committed to maximizing shareholders’ value and delivering superior and
sustainable return, guided by our founding values of hard work, discipline and
integrity.
He further stated that “As we transform our organization
into a platform for enriching lives, we are providing our customers with
information and access they need to thrive. We are also leveraging our brand
and networks to support small businesses through free business platforms and
capacity building initiatives.
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