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Nigeria: GTBank records an increase in Profit Before Tax for the fiscal year

2017/09/09

Guaranty Trust Bank (GTB) has recorded an 18 % increase in Profit Before Tax (PBT) for the fiscal half-year that ended on June 30, 2017. The bank, in a statement, said its PBT rose from N85.69 billion in 2016 to N101.1 billion in 2017.

The financial performance presented to the Nigerian and London Stock Exchange showed the bank’s loan book dipped by six % from N1.590 trillion recorded as at December 2016 to N1.491 trillion in June 2017 with a decrease in customer deposit by one % to N1.966 trillion from N1.986 trillion in December 2016.

The bank’s gross earnings for the period grew by two % to N214.1 billion from N209.9 billion in June 2016; driven primarily by increase in investment securities gain inclunding gain from risk assets.

According to the statement, it closed the half-time– June 2017 – with Total Assets and Contingents of N3.75 trillion and Shareholders’ Funds of N538 billion. On the backdrop of this result, Return on Equity (ROAE) and Return on Assets (ROAA) stood at 38.8 % and 6.4 % respectively. The bank proposed an interim dividend of 30 kobo per ordinary share of 50 kobo each for the period that ended June 30, 2017.

Managing Director of the bank, Mr. Segun Agbaje, who said that the result showed positive increase across all key financial metrics and improved strategic positioning of the brand, stated: “Our strong performance in the initial half of 2017 reflects the strength of our businesses, the quality of our completed decisions and the success of our efforts towards becoming a digital-initial customer-centric bank that offers simple and easily accessible products and services.”

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