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The 2017 GTBank Food and Drink Fair set to hold during Workers’ Day holiday

The 2017 GTBank Food and Drink Fair set to hold during Workers’ Day holiday

Lagos, Nigeria - March, 2017 Food lovers from across the world can once again look forward to an unparalleled culinary experience as the 2nd edition of the GTBank Food & Drink Fair is set to hold during the Worker’s Day holiday on Sunday the 30th of April and Monday the 1st of May, 2017. The 2-day event will treat attendees to enthralling gastronomic tours across a wide variety of exciting cuisines and delicacies while offering small businesses in the Nigerian Food Industry a free and vibrant platform to connect with a wider segment of their target markets as well as experts in their business fields. The GTBank Food and Drink Fair was created by foremost African Financial Institution, Guaranty Trust Bank Plc, as part of its efforts to empower small businesses. The 2016 debut of the consumer-focused event received very positive reviews nationally and internationally, had over 90 exhibitors from the food... Read More

GTBank Releases 2016 Half Year Audited Results... Reports Profit before Tax of ₦91.38Billion

Lagos, Nigeria – August, 2016

 
Guaranty Trust Bank plc has released its audited financial results for the half year ended June 30, 2016 to the Nigerian and London Stock Exchanges.
 
A review of the half year performance, shows that the Bank recorded positive growth across all key financial metrics, a testament to the cutting edge strategy of the Bank. Gross earnings for the period grew by 37% to ₦209.9billion from ₦153billion reported in the June 2015; driven primarily by growth in fee & commission income as well as foreign exchange income. Profit before tax stood at ₦91.38billion, representing a growth of 45% over ₦63.11billion recorded in the corresponding period of June 2015.The Bank’s loan book grew by 14% from ₦1.373trillion recorded as at December 2015 to ₦1.562trillion in June 2016 with corresponding growth in total deposits which increased by 23% to ₦2.008trillion from ₦1.637trillion in December 2015.
 
Further analysis revealed that the Bank closed the half year ended June 2016 with Total Assets and Contingents of ₦3.42trillion and Shareholders’ Funds of ₦453Billion. The Bank’s non-performing loans remained low and within regulatory threshold at 4.39% (Bank:3.54%) with adequate coverage of 170.1% (Bank: 214.8%). Increase in collective impairment was borne out of the prudent stance of the Bank, while Capital remains strong with CAR of 18.25%. On the backdrop of this result, Return on Equity (ROAE) and Return on Assets (ROAA) closed at 35.8% and 5.7% respectively. The Bank is proposing interim dividend of 25k per unit of ordinary shareheld by shareholders.

 

Commenting on the financial results, Segun Agbaje, the Managing Director/CEO of Guaranty Trust Bank plc, 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, Segun 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”.
 
Overall, with this solid financial result, the Bank conti
nues to enshrine its position as a clear leader in the Banking industry in Nigeria, with strong showing in Africa. This position is validated by numerous awards and accolades received by GTBank during the course of the year in recognition of its leading role in Africa’s banking industry, bias for world class corporate governance standards and excellent service delivery and innovation. The awards include Best Banking Group from World Finance Magazine, Most Innovative African Bank from African Banker Magazine, Best Bank in Nigeria and Best Digital Bank in Africa from Euromoney Magazine.
 
 
 
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