GUARANTY Trust Bank plc in its unaudited financial results for the quarter ended March 31, 2017, has recorded 39 per cent growth in its gross earnings.
A review of the financial statement submitted to the Nigerian and London Stock Exchanges, GTBank indicated positive performance across all financial indices, thus 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 per cent to N104.66 billion from N75.39 billion reported in March 2016, driven primarily by growth in interest income, while profit before tax stood at N50.39 billion, representing a growth of 64 per cent over N30.68 billion recorded in the corresponding period of March 2016.
Further analyses showed that the Bank’s loan to customers dipped marginally by two per cent from N1.591 trillion recorded in December 2016 to N1.563 trillion as at March 2017, while Deposit from customers grew marginally by one per cent from N1.986 trillion in December 2016 to N2.012 trillion in March 2017.
The Bank’s balance sheet remained strong with a 1.6 per cent growth in Total Assets as the Bank closed the quarter ended March 2017 with Total Assets of N3.16 trillion and Shareholders’ Funds of N546.9 billion.
The Bank’s non-performing loans remained low and within regulatory threshold at 3.27 per cent with adequate coverage of 266.6 per cent.
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 maximising 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 organisation 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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