Guaranty Trust Bank Plc has released its audited financial results for the half year ended June 30, 2016 to the Nigerian and London Stock Exchanges.
A review of the half year performance, showed that the bank recorded positive growth across all key financial metrics, a testament to the cutting edge strategy of the bank. Gross earnings for the period grew by 37 per cent to N209.9 billion from N153 billion reported in the June 2015; driven primarily by growth in fee and commission income as well as foreign exchange income.
Profit before tax stood at N91.38 billion, representing a growth of 45 per cent over N63.11 billion recorded in the corresponding period of June 2015.
The bank’s loan book grew by 14 per cent from N1.373 trillion recorded as at December 2015 to N1.562 trillion in June 2016 with corresponding growth in total deposits which increased by 23 per cent to N2.008 trillion from N1.637 trillion in December 2015.
Further analysis revealed that the bank closed the half year ended June 2016 with Total Assets and Contingents of N3.42 trillion and Shareholders’ Funds of N453 billion. The bank’s non-performing loans remained low and within regulatory threshold at 4.39 per cent (Bank:3.54 per cent) with adequate coverage of 170.1 per cent (Bank: 214.8 per cent).
Increase in collective impairment was borne out of the prudent stance of the bank, while Capital remains strong with CAR of 18.25 per cent. On the backdrop of this result, Return on Equity (ROAE) and Return on Assets (ROAA) closed at 35.8 per cent and 5.7 per cent respectively. The Bank is proposing interim dividend of 25 kobo per unit of ordinary share held by shareholders.