GTBank reports profit before tax of ₦164.2 bn 3rdQ 

Guaranty Trust Bank plc has reported a profit before tax of N164.2 billion in its 3rd quarter unaudited financial result released to the Nigerian and London Stock Exchanges. A review of the results shows that gross earnings for the period grew by 8.8 per cent to ₦337.3billion from ₦309.9billion in September 2017. Profit before tax stood at ₦164.2billion, representing a growth of 9.5 per cent over ₦150.0billion recorded in the corresponding period of 2017. The Bank’s Loan Book dipped by 12.3 per cent from ₦1.449 trillion recorded in December 2017 to ₦1.270 trillion in September 2018, while deposit grew by 8.6 per cent to ₦2.239 trillion from ₦2.062 trillion in December 2017.

The Bank’s balance sheet has a total assets and Shareholders’ Funds closing at ₦3.433 trillion and ₦534.3 billion respectively, a 2.4 per cent growth from Total Asset Position of ₦3.351 trillion as at December 2017.  Capital Adequacy Ratio (CAR) however dipped by 300 bps to 22 per cent. In terms of Assets quality, NPL ratio and Cost of Risk (COR) improved to 5.6 per cent and 0.1 per cent in September 2018 from 7.8 per cent and 0.5 per cent position in December 2017 respectively.

Commenting on the results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr. Segun Agbaje, said; “Despite operating in a very challenging business environment, our 3rd quarter result is a reflection of how we have appropriately positioned our balance sheet to cope with economic realities. It further demonstrates the strength of our business strategy to deliver financial services that enriches the lives of our customers and creates more value for all our stakeholders.” He further said “Going into the final quarter of the year, the Bank will continue to drive its digital-first customer-centric strategy to improve customer experience and expand its range of service offering whilst constantly differentiating itself by maintaining a high standard in service delivery and putting customers at the heart of everything that we do.”