Guaranty Trust Bank plc (GTBank), in its unaudited financial results for the 3rd quarter ended September 30, 2017, released to the Nigerian and London Stock Exchanges has Profit before tax of N150.03billion.
Despite non-recurrence of significant FX revaluation gain during the period, the bank reported an impressive Profit before tax, representing a growth of nine per cent from N137.99 billion recorded in the corresponding period of September 2016.
This increase in PBT is traced to 36 per cent growth in interest income.
Commenting on the financial results of GTBank, Segun Agbaje, the Managing Director/CEO said that, “Given the progress we made in the first half of the year, we came into the second half with the objective of remaining focused on our core strategy of serving the full value chain of our customers’ needs whilst maintaining high standards of customer service.
He further stated that “As the GTBank continues to drive innovation around mobile technology, we will continue to enhance our digital channels in order to make it easy for our customers to use and access our products and services, whilst positioning our bank as a platform for enriching lives that provides customers with benefits beyond banking.”
GTBank closed the third quarter ended September 2017 with Total Assets of N3.213 trillion and Shareholders’ Funds of N581.91 billion. The bank’s loan book contracted by 10 per cent from N1.590 trillion recorded in December 2016 to N1.428 trillion in September 2017 due to conscious effort to de-risk the balance sheet and unwinding (pay-down) of trade obligations.
In terms of asset quality, non-performing loans of GTBank remained low at 3.93 per cent with adequate Coverage ratio of 212.7 per cent. Cost of risk moderated to 0.53 per cent from 3.66 per cent of comparative period of September 2016. On the backdrop of this result, Post-Tax Return on Equity (ROE) and Post-Tax Return on Assets (ROA) stood at 30.81 per cent and 5.29 per cent respectively.
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