Guaranty
Trust Bank plc has released its unaudited financial results for the 3rd
quarter ended September 30, 2016, to the Nigerian and London Stock Exchanges.
A
review of the 3rd quarter performance shows positive growth across
all key financial metrics and improved strategic positioning of the brand.
Gross earnings for the period grew by 44% to N329.3billion from N229.4billion reported
in the corresponding period of September 2015; driven by growth in fee &
commission income as well as foreign exchange income. Profit before tax stood at
N140.84billion, representing a growth
of 53% from N92.06billion recorded in the corresponding period of September 2015.The
Bank’s loan book grew by 19.6% from N1.372trillion recorded in December 2015 to
N1.640trillion in September 2016.
The
Bank closed the third quarter ended September 2016 with Total Assets of N3.093trillion
and Shareholders’ Funds of N483.4billion. The Bank’s non-performing loans
remained low at 4.13%. On the backdrop of this result, Return on Equity (ROE)
and Return on Assets (ROA) stood at 35.31% and 5.69% respectively.
Commenting
on the Bank’s financial results, Segun Agbaje, the Managing Director/CEO said
that “The Bank’s strong performance is a reflection of the continued support of
our customers, hard work of our Staff and the commitment of the Management and
Board to manage the Bank for long term sustainable returns. Recognizing that we
operate in challenging business environments, we set high goals, benchmark
ourselves against global standards and aggressively pursue our key objectives
for the year, which are focused mainly on adding value to all stakeholders and
improving the customer journey.
He
further stated that “As a Bank, we will continue to leverage collaborations and
technology to drive customer engagement, improve the overall customer experience
and grow our business for long term sustainable returns.”
Guaranty
Trust Bank has continued to report the best financial ratios for a Financial
Institution in the industry with a return on equity (ROE) of 35.31% and a cost
to income ratio of 36.20% evidencing the efficient management of the banks’
assets. Overall, the Bank has enshrined its position as a clear leader in the
industry. In due recognition of the Bank’s leading role in Africa’s banking
industry, owing to its bias for world class corporate governance standards and
excellent service delivery and innovation, GTBank has been a recipient of
numerous awards over the course of the year. They include Best Banking Group from World Finance Magazine, Most Innovative African Bank from
African Banker Magazine, Best Bank in
Nigeria and Best Digital Bank in Africa from Euromoney Magazine.
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