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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

 

9th December, 2013

 

Fina Bank will change its identity to Guaranty Trust Bank Kenya after a Nigerian bank was given approval to buy a 70 per cent stake in the regional lender.

Central Bank of Kenya said it has offered a nod to the deal, setting the stage for a board shake-up at Fina Bank to reflect the new ownership structure.

“The approval for acquisition takes effect as from November 8, 2013. The resulting institution shall be called Guaranty Trust Bank Kenya Limited,” said Prof Njuguna Ndung’u, the Central Bank of Kenya (CBK) governor.

The Nigerian bank will acquire the majority stake in Fina Bank, set up in 1991, through a share purchase from current shareholders and direct investment in a deal valued at $100 million (Sh8.6 billion).

GTBank is eyeing expansion opportunities in East Africa after building out operations in West Africa to tap into the region’s fast growing economies and infrastructure deals, especially oil and gas financing.

Fina Bank’s assets stood at Sh19.3 billion in September and its profit grew 66.6 per cent to Sh255 million in the first nine months of the year. It has branches across Kenya, Uganda and Rwanda.

The bank has been looking for between Sh2.6 billion and Sh3.49 billion as additional capital to fund its growth plans.

Guaranty Trust Bank had $10.76 billion (Sh930 billion) in net assets last December or two-fifths of the Kenyan industry’s combined balance sheet of Sh2.33 trillion at the end of last year.

 

 

Source: www.businessdailyafrica.com

 

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