Guaranty Trust Bank Plc has declared a growth of 45 per cent in its profit before tax and an interim dividend of 25 kobo per share to its shareholders for the half year result ended June 30, 2016.
A review of the half year performance released on the Nigerian Stock Exchnage (NSE), yesterday in Lagos showed that the bank recorded positive growth across all key financial metrics, a testament to the cutting edge strategy of the bank.
The bank’s 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 & 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 N1.37 trillion recorded as at December 2015 to N1.56 trillion in June 2016 with corresponding growth in total deposits which increased by 23 per cent to N2.01 trillion from N1.64 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 N45 billion. The bank’s non-performing loans remained low and within regulatory threshold at 4.39 per cent with adequate coverage of 170.1 per cent.
Commenting on the financial results, the managing director/CEO of Guaranty Trust Bank, Mr. Segun Agbaje said that “Going into the year, we knew it would be a challenging year and we prepared for it by focusing on effective management of the balance sheet and adapting our business model to changing market variables. The quality of our past decisions enabled us navigate the challenges that persisted in the business environment most of the half year period.”
Whilst expressing his sincere appreciation to customers for their loyalty, and to staff for their hard work and commitment, Agbaje added that “While the current economic realities present some challenges to growth, we remain committed to our ideals of staying positive, delivering exceptional service to our customers and adding value to all stakeholders.”