Home Business JUST IN: GTBank releases 2018 full year audited results, reports N215.6 billion...

JUST IN: GTBank releases 2018 full year audited results, reports N215.6 billion profit before tax

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Guaranty Trust Bank plc has released its audited financial results for the year ended December 31, 2018 to the Nigerian and London Stock Exchanges.

A review of the results shows positive performance across all financial metrics and improved strategic positioning of the brand. Gross earnings for the year grew by 3.7% to N434.7billion from N419.2billion reported in the December 2017. Profit before tax stood at N215.6billion, representing a growth of 9.1% over N197.7billion* recorded in the corresponding year ended December 2017. The Bank’s customer deposits increased by 10.3% to N2.274trillion from N2.062trillion in December 2017, however, loan book dipped by 12.9% from N1.449trillion recorded as at December 2017 to N1.262trillion in December 2018.

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In view of the above, the Bank closed the 2018 financial year with Total Assets of N3.287trillion and Shareholders’ Funds of N575.6Billion. In terms of Assets quality, NPL ratio and Cost of Risk improved to 7.3% and 0.3% in December 2018 from 7.7% and 0.8% in December 2017 respectively. In addition, coverage ratio for NPL stood at 105.1% and Capital adequacy ratio remained very strong, closing at 23.4% despite the implementation of IFRS 9. On the backdrop of this result, Post Tax Return on Equity (ROAE) and Return on Assets (ROAA) closed at 30.9% and 5.6% respectively. The Bank is proposing final dividend of N2.45k per unit of ordinary share held by shareholders in addition to interim dividend of 30k per unit of ordinary share bringing total dividend for 2018 financial year to N2.75k per unit of ordinary share.

Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr Segun Agbaje, said; “In 2018, our focus on staying nimble, strengthening customer relationships and driving our digital-first strategy paid off. We successfully navigated the pressures of our challenging and radically changing business environment, recorded growth across key financial indices and reaffirmed our position as one of the best performing and well managed financial institutions in Africa.

He further stated that; ‘This result reflects, not just the fundamental strength of our brand, but also our commitment to our values of excellence, creating value for all stakeholders and putting our customers first in everything that we do. Driven by these values, we are building the bank of the future by pairing the best of our business with the massive potential of digital technologies to create Africa’s first integrated and trusted platform; Habari.

GTBank has continued to report the best financial ratios in terms of profitability, efficiency and capital for a Financial Institution in Nigeria as revealed by its return on equity (ROAE) of 30.9%, cost to income ratio of 37.1% and capital adequacy of 23.4%. These ratios are a testament to the efficient management of the Bank. In recognition of the Bank’s bias for world class corporate governance standards, excellent service delivery and innovation, GTBank has been a recipient of numerous awards over the years. Some of the Bank’s awards in 2018 include Bank of the Year – Nigeria from the Banker Magazine, Best Banking Group and Best Retail Bank Nigeria from World Finance Magazine, Most Innovative Bank from the African Investor, and Best Digital Banking Brand in Nigeria from the Global Brands Magazine.

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