Guaranty
Trust Bank plc (GTBank) has released its unaudited financial results
for the first quarter ended March 31, 2016 to the Nigerian and London
Stock Exchanges.
A
review of the 1Q 2016 result shows that the Bank continued to
consolidate on its position as one of the most profitable and well
managed financial institutions in Nigeria, recording moderate growth
from its core banking activities. However, decline in trading and
revaluation gains occasioned by FX paucity robbed off on the
impressive performance recorded with a 4.6% decline in gross earnings
to N75.39 billion (Q1, 2015: N79.02 billion), a 6.1% decline in
Profit Before Tax to N30.68 billion (Q1, 2015: N32.65 billion) and
3.6% decline in Profit After Tax (PAT) to N25.61 billion (Q1 2015:
N26.56 billion). The Bank also reported a post-tax ROAE of 24.19% and
ROAA of 3.96% respectively. Shareholders’ funds closed at N433.41
billion (FY 2015: N413.56 billion).
The
bank’s Balance Sheet remained strong with 5.2% growth in Total
Assets to N2.66 trillion (FY 2015: N2.52 trillion). Loan book
declined slightly by 0.7% to close at N1.36 trillion (FY 2015: N1.37
trillion). Customer’s Deposit grew by 10.3% to N1.78 trillion (FY
2015: N1.61 trillion). In line with the bank’s Risk Management
strategy, the bank approached its loan growth with disciplined
strategy, thus Non Performing Loans (NPL) of the bank for the period
under review is still well within range at 3.51% and Net Interest
Margin (NIM) for the period under review declined marginally by 9bps
to 8.12% from 8.21% in Q1 2015.
Commenting
on the financial results, Segun Agbaje, the Managing Director and
Chief Executive Officer of Guaranty Trust Bank plc stated that
“Despite a slow start in economic activity in 2016 and the
extremely challenging business environment, the Bank recorded decent
performance across key financial indices during the period.”. He
added that “We understand that there’s a lot more work to be
done, we are however prepared for the challenges and opportunities
that lie ahead the 2016 financial year”.
As
a financial institution with a bias for industry leadership,
exceptional service delivery and innovation, Guaranty Trust Bank plc
has experienced tremendous growth since its inception in Nigeria in
1990 with business outlays spanning Anglophone and Francophone
countries of West Africa, East African and the United Kingdom. The
Bank presently employs over 10,000 peoples in Cote d’Ivoire, Kenya,
Gambia, Ghana, Liberia, Sierra Leone, Rwanda, Uganda and the United
Kingdom.
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