Guaranty Trust Bank Plc has released its unaudited financial results for the period ended September 30, 2018 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 8.8 per cent to N337.3 billion from N309.9 billion reported in September 2017.
Profit before tax stood at N164.2billion, representing a growth of 9.5 per cent over N150.0 billion recorded in the corresponding period of September 2017.
The Bank’s Loan Book dipped by 12.3 per cent from N1.449trillion recorded as at December 2017 to N1.270 trillion in September 2018, while customers’ deposit grew by 8.6 per cent to N2.239trillion from N2.062 trillion in December 2017.
The Bank’s balance sheet remained resilient with Total assets and Shareholders’ Fundsclosingat N3.433 trillion and N534.3 billion respectively, a 2.4 per cent growth from Total Asset Position of N3.351 trillion as at December 2017.
Capital Adequacy Ratio however dipped by 300bps to 22 per cent despite the impact of IFRS 9 implementation.
In terms of Assets quality, NPL ratio and Cost of Risk improved to 5.6 per cent and 0.1 per cent in September 2018 from 7.8 per cent and 0.5 per cent position in December 2017 respectively.
Complementing the improvement noted in NPLs and COR, the bank maintained adequate Loan Loss coverage of 180.6 per cent for Lifetime Credit Impaired Loans.
On the backdrop of this result, Post-Tax Return on Equity closed at 32.7 per cent while Return on Assets stood at 5.6 per cent.
Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank Plc, Segun Agbaje, said: “Despite operating in a very challenging business environment, our 3rd quarter result is a reflection of how we have appropriately positioned our balance sheet to cope with economic realities. It further demonstrates the strength of our business strategy to deliver financial services that enriches the lives of our customers and creates more value for all our stakeholders.
“Going into the final quarter of the year, the Bank will continue to drive its digital-first customer-centric strategy to improve customer experience and expand its range of service offering whilst constantly differentiating itself by maintaining a high standard in service delivery and putting customers at the heart of everything that we do.”
Over all, Guaranty Trust Bank Plc continues to be best-in-class in the Nigerian banking industry in terms of all financial ratios, that is Post-Tax Return on Equity of 32.7 per cent, Post-Tax Return on Assets of 5.6 per cent, Cost to Income ratio of 38.3 per cent and PBT margin of 48.7 per cent.
These ratios, the bank said, are testament to experienced Management, efficient Balance sheet structure coupled with operational efficiency.
In recognition of the Bank’s stance on world class corporate governance standards, excellent service delivery and innovation, GTBank has been a recipient of numerous awards in the course of the year.
They include Africa’s Best Bank for SMEs and Best Bank in Nigeria from Euromoney Magazine, African Bank of the Year from African Banker Magazine, Best Banking Group and Best Retail Bank from World Finance Magazine, Best Bank in Africa for Corporate Governance from Ethical Boardroom Magazine.