IN its released audited financial results for the half year ended June 30, 2017 to the Nigerian and London Stock Exchanges on Tuesday, Guaranty Trust Bank has reported 18 per cent increase in its Profit before Tax.
A review of the half year performance indicated that the bank’s Profit before tax stood at N101.1 billion, representing a growth of 18 per cent over N85.69 billion recorded in the corresponding period of June 2016
Further analyses of the company’s result indicated that Gross earnings for the period grew by two per vent to N214.1 billion from N209.9 billion reported in the June 2016; driven primarily by growth in investment securities income as well as income from risk assets.
The Bank’s loan book dipped by six per cent from N1.590 trillion recorded as at December 2016 to N1.491 trillion in June 2017 and customer deposits decreased by one per cent to N1.966 trillion from N1.986 trillion in December 2016.
Commenting on the financial results, Mr Segun Agbaje, the Managing Director/CEO of Guaranty Trust Bank Plc, said that “Our strong performance in the first half of 2017 reflects the strength of our businesses, the quality of our past decisions and the success of our efforts towards becoming a digital-first customer-centric Bank that offers simple and easily accessible products and services.”
He further stated that “Despite the challenging environment of slow economic growth, we focused our resources on strengthening relationships with our customers, creating business platforms that seek to add value across all customer segments, whilst consolidating our leading position in all the economies in which we operate”.
The Bank has continued to report the best financial ratios for a Financial Institution in the industry with a return on equity (ROE) of 38.8 per cent and a cost to income ratio of 40.2 per cent evidencing the efficient management of the banks’ assets.