Foremost African Banking Group, Guaranty Trust Bank Plc, has released its audited financial results for the year ended December 2014 to the Nigerian and London Stock Exchanges.
A review of the 2014 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.
The Group delivered an impressive Profit Before Tax of N116.39 billion, an increase of N9.30 billion or 8.7 per cent over the N107.09 billion reported in December 2013 and Gross Earnings of N278.52 billion, an increase of 14.8 per cent from the N242.67 billion recorded in the same period of 2013.
In terms of value creation for its shareholders, the Bank recorded pre-tax ROAE of 32.94 per cent and ROAA of 5.22 per cent respectively.
The Bank’s balance sheet remains strong with 12.4 per cent growth in Total Assets, from N2.10 trillion in 2013 to N2.36 trillion in the year under review.
Loan book growth up by 27.12 per cent to close at N1.28 trillion from N1.01 trillion in 2013, driven primarily by growth of the foreign currency loan book on the back of the 2013 $400 million Eurobond issue.
On the back of continued growth of the Bank’s Retail franchise, Customer Deposits grew by 13.3 per cent from N1.43 trillion in 2013 to N1.62 trillion in 2014.
The Bank continues to maintain a disciplined and prudent approach to loan growth in line with its Risk Management framework.
The Bank’s Non-Performing Loans ratio remained low at 3.15 per cent, down from 3.58 per cent in the comparative period of 2013.
On the back drop of this result, the Bank is proposing Total-Year Dividend of N1.75k per share (inclusive of the 25 kobo interim dividend paid at half year 2014).
Commenting on the financial results, Segun Agbaje, the Managing Director/CEO of Guaranty Trust Bank Plc, said the Bank’s financial performance in 2014 attests to the inherent soundness of “our strategy and resilience of our earnings”.
The Group has delivered a respectable Profit Before Tax of N116.39 billion in spite of all the headwinds the industry experienced in 2014.
Agbaje expressed his sincere appreciation to customers for their loyalty and staff for their commitment and hard work.
According to Segun Agbaje: “We remain committed to maximising shareholder value and delivering superior and sustainable returns. Our objective is to remain a leading player in the financial services sector whilst expanding our franchise in select, high growth African markets where we believe we have competitive advantage.”
Guaranty Trust Bank Plc has always been at the forefront of industry service innovations in markets where it operates, having successfully replicated its culture for excellence in its subsidiaries in Kenya, Uganda, Rwanda Ghana, Gambia, Sierra Leone, Liberia, Cote d’Ivoire and the UK.
Locally, the Bank’s most recent service introductions includes SME Market Hub, an e-commerce platform which allows GTBank customers create online stores in order to expand their business operations and boost sales.
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