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GTBank Releases 2017 Half Year Audited Results... Reports Profit before Tax of ₦101.1Billion

GTBank Releases 2017 Half Year Audited Results... Reports Profit before Tax of ₦101.1Billion

Lagos, Nigeria – August, 2017 Guaranty Trust Bank plc has released its audited financial results for the half year ended June 30, 2017 to the Nigerian and London Stock Exchanges. A review of the half year performance, shows positive growth across all key financial metrics and improved strategic positioning of the brand. Gross earnings for the period grew by 2% to ₦214.1billion from ₦209.9billion reported in the June 2016; driven primarily by growth in investment securities income as well as income from risk assets. Profit before tax stood at ₦101.1billion, representing a growth of 18% over ₦85.69billion recorded in the corresponding period of June 2016.The Bank’s loan book dipped by 6% from ₦1.590trillion recorded as at December 2016 to ₦1.491trillion in June 2017 and customer deposits decreased by 1% to ₦1.966trillion from ₦1.986trillion in December 2016. The Bank closed the half year ended June 2017 with Total Assets and Contingents of ₦3.75trillion... Read More

Fitch affirms GTBank’s rating at B+ with stable outlook

Lagos, Nigeria -  July, 2016
 
 
Guaranty Trust Bank remains one of the top two rated Banks in Nigeria as shown by the recently released Rating Report by Fitch, a global rating agency.
 
Fitch revised the Outlook on the Bank’s Long term Issuer Default Rating (IDR) from Negative to Stable citing the Bank’s continuing strong earnings, and stronger-than-expected liquidity as the reasons for the revised outlook.
 
Fitch Ratings also affirmed GTBank plc’s Long-term Issuer Default Rating (IDR) at ‘B+’ with a Stable Outlook and Short-term IDR at ‘B’. In addition, the agency affirmed the Bank’s Viability Rating (VR) at ‘b+’, Support Rating (SR) at ‘4’ and GTB Finance BV’s senior notes, guaranteed by Guaranty Trust Bank: affirmed at ‘B+’/’RR4’.
 
Fitch revised the Bank’s Support Rating Floor (SRF) to ‘B’ from ‘B+’ as a result of the Sovereign’s weak foreign currency position.
 
The IDR rating and outlook reflects Fitch’s opinion of the Bank’s relative ability to meet its financial commitments and the Bank’s rating of B+ remains the highest credit rating in the industry. The Viability Rating (VR), which is a component of the IDR, measures the Bank’s intrinsic credit quality and capacity to maintain ongoing operations and to avoid failure.
 
Fitch affirmation of the Bank’s VR shows that despite the tough operating environment, GTBank’s strong and stable financial metrics as indicated by its profitability track record, healthy liquidity state, strong asset quality and capital ratios, have continued to impact positively on the Bank’s VR rating of b+ which remains the highest in the industry.
 
The Bank’s Long and Short term National Rating remains affirmed at AA- and F1+ respectively, also the best in the industry. This rating denotes expectations of very low default risk and strongest capacity for timely payment of financial commitments relative to other issuers or obligation in the country. The F1+ rating also denotes a particularly strong liquidity profile.
 
GTBank’s VR, SR, IDRs, National and Senior Debt ratings reflect the Bank’s strong earning potential, excellent management strategy and corporate governance, solid track record in managing credit risk, strong liquidity management and sound capital ratios.

The Bank will continue to improve its financial profile and strengthen its risk management capabilities to improve its overall creditworthiness.

 

 

Source: www.today.ng

 
 
 
 
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