IN continuation of impressive financial performance of most companies in the Nigerian Stock Exchange for the first half 2017, H1’17, Guaranty Trust Bank Plc, yesterday, announced positive growth across all key financial metrics and improved strategic positioning of the brand.
The results turned in to NSE and the London Stock Exchange show profit before tax at N101.1billion, representing a growth of 18 per cent over N85.69 billion recorded in the corresponding period of June 2016.
Gross earnings for the period grew by two per cent to N214.1billion from N209.9billion driven primarily by growth in investment securities income as well as income from risk assets.
But GTB’s loan book dipped by six per cent to N1.491trillion from N1.590 trillion recorded as at December 2016 and customer deposits also decreased by one per cent to N1.966trillion from N1.986trillion.
Commenting on the financial results, Mr. Segun Agbaje, the Managing Director/CEO of GTB, stated: “Our strong performance in the first half of 2017 reflects the strength of our businesses, the quality of our past decisions and the success of our efforts towards becoming a digital-first customer-centric Bank that offers simple and easily accessible products and services.
“Despite the challenging environment of slow economic growth, we focused our resources on strengthening relationships with our customers, creating business platforms that seek to add value across all customer segments, whilst consolidating our leading position in all the economies in which we operate”.
The Bank has continued to report the best financial ratios for a financial institution in the industry with a return on equity (ROE) of 38.8 per cent and a cost to income ratio of 40.2 per cent evidencing the efficient management of the banks’ assets. Overall, the Bank has enshrined its position as a clear leader in the industry.