GT Bank declares N301.9bn gross earnings

Guaranty Trust Bank Plc has declared gross earnings of N301.9 billion for the financial year ended Dec. 31, 2015. This was against the N278.5 billion reported in 2014.
The report is contained in the company’s audited result released by the Nigerian Stock Exchange (NSE) on Monday in Lagos. The gross earnings represented a growth of 8. 4 per cent when compared with the figure for 2014.
Its profit before tax stood at N120.7 billion compared with N116.4 billion declared in 2014. The bank’s profit after tax also rose to N99.4 billion from N94.4 billion in 2014.
A breakdown of the bank’s result indicated that it’s Interest income rose to N229.24 billion from N200.60 billion in 2014. Net interest income rose to N159.947 billion against N142.392 billion achieved in the preceding year. Its total assets grew by 7.2 per cent to N2.52 trillion in contrast to the N2.36 trillion in 2014.
The results showed that loans to customers also grew by 7.5 per cent to N1.37trillion from N1.28 trillion in 2014. The bank’s directors proposed a total-year dividend of N1.77 per share (inclusive of the 25 kobo interim dividend paid at half year 2015).
The bank declared N1.50 per share dividend in 2014. Mr Segun Agbaje, the bank’s Managing Director, attributed the performance to loyalty of its customers as well as hard work and dedication of the staff, management and board. Agbaje said that the group had delivered a respectable profit before tax of N120.7 billion despite an extremely challenging business environment in 2015.
“As a Bank, we will continue to actively partner with our customers and grow our business in a sustainable manner that is driven by profit objective. We will also focus on empowering our customers with a view to growing Nigerian economy,” he said.
Agbaje said that the bank would remain committed to maximising shareholders’ value, delivering superior and sustainable returns whilst actively expanding its franchise in select, high growth African markets.
“The bank has continued to report the best financial ratios for a financial institution in the industry with a Return on Equity (ROE) of 31.0 per cent and a cost to income ratio of 44.4 per cent.” The bank was the first commercial bank to declare its 2015 audited result on the Nigerian Stock Exchange.