GTBank Posts N91bn Profit, Declares 25kobo Interim Dividend
Lagos, Nigeria - August, 2016
Guaranty Trust Bank Plc yesterday reported its audited financial results for the half year (H1) ended June 30, 2016, showing positive growth across performance indicators.
Gross earnings rose by 37 per cent to N209billion from N153billion in 2015, driven primarily by growth in fee and commission income as well as foreign exchange income.
Net interest income fell marginally from N80.1billion to N79.1billion, while impairment charges surged by 530 per cent from N6.0billion to N37.5billion. However, non-interest income improved by 160 per cent from N38billion to N91.4billion in 2016. Non-interest income was the major catalyst for the upsurge in earnings, after benefiting from foreign exchange revaluation gains.
Consequently, profit before tax rose by 45 per cent to N91.38billion, up from N63.1billion in 2015.
The bank’s loan book grew by 14 per cent from N1.373 trillion recorded as at December 2015 to N1.562trillion in June 2016 with corresponding growth in total deposits which increased by 23 per cent to N2.008trillion from N1.637trillion in December 2015. The bank is proposing interim dividend of 25 kobo per unit of ordinary share held by shareholders.
Further analysis revealed that the bank closed the half year with total assets and contingents of N3.42trillion and shareholders’ funds of N453billion, while non-performing loans remained low and within regulatory threshold at 4.39 per cent and with capital adequacy ratio (CAR) of 18.25 per cent.
Commenting on the results, the Managing Director/Chief Executive Officer of GTBank Segun Agbaje, said: “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.”
While expressing appreciation to customers for their loyalty, and to staff for their hard work and commitment, Agbaje noted that 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,” he said.
GTBank Introduces Innovative Payment Solution, Enables Receipt Of Western Union Funds Via ATMs
Lagos, Nigeria - November, 2015
Foremost African financial institution, Guaranty Trust Bank plc has reaffirmed its position as a leading provider of e-payment solutions with the introduction of a new service that allows customers receive Western Union funds directly into their GTBank account via any of the Bank’s Automated Teller Machines (“ATMs”) in Nigeria. The service is also available on the Bank’s Internet Banking platform (www.gtbank.com).
The introduction of this service coincides with a time when the need to move money quickly, reliably and much more conveniently across international borders has risen rapidly. This has necessitated an increased demand for digital solutions to aid payments, transfers, and remittances. As a Bank renowned for innovative solutions, GTBank takes pride in leveraging technology to make life better for its customers by creating value oriented products suited to their varied needs.
To receive Western Union funds via any GTBank ATM nationwide, customers simply need to press any key on the ATM; click the Western Union option; agree to terms and conditions; select account type; select the country where the funds were sent from (sending country); and where country is not available, enter the sending country code / ISO Code; enter the expected amount in Naira; enter the GTBank NUBAN account of the receiving party; and enter the 10-digit Money Transfer Control Number (“MTCN”). Upon confirmation of the transaction, the transfer amount will be credited into the receiving GTBank account. This service does not require a GTBank debit or credit card, or a security token device.
GTBank has consistently played a leading role in Africa’s banking industry. The GTBank brand is regarded by industry watchers as one of the best run financial institutions across its subsidiary countries and serves as a role model within the financial service industry due to its bias for world class corporate governance standards, excellent service quality and innovation. The Bank operates from over 230 branches within the country and has banking subsidiaries in Kenya, Rwanda, Uganda, Cote D’Ivoire, Gambia, Ghana, Liberia, Sierra Leone and the United Kingdom.