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GTBank Releases Q1 2017 Unaudited Results... Reports Profit before Tax of ₦50.39Billion

GTBank Releases Q1 2017 Unaudited Results... Reports Profit before Tax of ₦50.39Billion

Lagos, Nigeria – April, 2017   Guaranty Trust Bank plc has released its unaudited financial results for the quarter ended March 31, 2017 to the Nigerian and London Stock Exchanges.A review of the results shows positive performance across all financial indices, reaffirming the Bank’s position as one of the most profitable and well managed financial institutions in Nigeria. Gross earnings for the period grew by 39% to ₦104.66billion from ₦75.39billion reported in March 2016; driven primarily by growth in interest income. Profit before tax stood at ₦50.39billion, representing a growth of 64% over ₦30.68billion recorded in the corresponding period of March 2016. The Bank’s loan to customers dipped marginally by 2% from ₦1.591trillion recorded in December 2016 to ₦1.563trillion as at March 2017. Deposit from customers grew marginally by 1% from ₦1.986trillion in December 2016 to ₦2.012trillion in March 2017. The Bank’s balance sheet remained strong with a 1.6% growth in Total Assets... Read More

Lagos, Nigeria - September, 2016

 
The Managing Director/Chief Executive Officer of Guaranty Trust Bank (GTBank) Plc, Mr. Segun Agbaje has assured shareholders of the bank of a continuous robust dividend policy going forward.

 
GTBank, which is one of the banks that pay dividend twice every year, pays about 50 per cent of its profit to shareholders as dividend. It has already recommended an interim of 25 kobo for the half year (H1) ended June 30, 2016.

Speaking on the bank’s H1 results June 30, 2016 during a conference call last week, Agbaje said the financial institution will not change its payout ratio.

 
“I don’t see any reason in changing what our dividend payout ratio for as long as you have enough capital and (our) capital adequacy today is over 18 per cent. So for as long as capital adequacy remains that high we are going to keep at that dividend payout ratio,” he said.

 
Agbaje said the N125 billion profit before target for the year is still on course despite the challenging operating environment.

 
“In terms of PBT guidance we are staying at N125billion, and for us whatever we have made we are not really separating it strategically from our revaluation gains, because at the time we were making revaluation losses, nobody also asked us why this was happening. So these are strategic decisions we have need to make. But for any of the revaluation gains to go away completely we will have to go to Naira appreciating to 200 to 1 which we think the possibility is very low. So what I will like to say is I believe we can make do with N125billion but I would not want to change the PBT guidelines halfway through the year,” he said.

 
GTBank has already recorded a PBT of N91.38 billion for the H1 2016.According to Agbaje, the bank had prepared very well for the year having known that it would be a very challenging one.

 
“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.”
 
 
Source: www.thisdaylive.com 
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