– The Sun News

GT Bank records N200.24bn PBT in 2017

Chinwendu Obienyi


In spite of Nigeria’s challenging environment, Guaranty Trust Bank (GTB) Plc, says it recorded profit before tax (PBT) amounting to N200.24 billion in 2017.

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 the country even as gross earnings for the year grew by 1.1 per cent to N419.2billion from N414.6billion reported in the December 2016; driven primarily by growth in interest income as well as e-payment revenues.

The company’s PBT stood at N200.2billion, representing a growth of 21.3 per cent over N165.1billion recorded in the corresponding year ended December 2016 while Profit after tax (PAT) for the period under review stood at N170.5 billion from N132.3 billion in 2016.

However, the bank’s loan book dipped by 8.9 per cent from N1.590trillion recorded in 2016 to N1.449trillion in 2017, while customer deposits increased by 3.8 per cent to N2.062trillion from N1.986trillion in 2016.


Commenting on the financial results, Managing Director, GTB, Segun Agbaje, attributed the bank’s performance to record growth in earnings, management of  cost margins and leveraging on the bank digital-first customer-centric strategy to deliver world-class services that are simple, cheap and easily accessible.


He further said, “The result demonstrates the fundamental strength of our franchise as well as the progress we are making in transforming our organization into a platform on which our customers could build their businesses, connect with their consumers and access all the resources that they need to make their lives better.”


According to data obtained from the Nigerian Stock Exchange (NSE)’s website, the bank is proposing a final dividend of N2.40 per unit of ordinary share held by shareholders in addition to interim dividend of 30 kobo per unit of ordinary share bringing total dividend for 2017 financial year to N2.70 per unit of ordinary share.


Overall, asset quality remains stable with adequate coverage of 119.6 per cent, while Capital remains strong with CAR of 25.7 per cent. The bank’s balance sheet remained strong with a 3.9 per cent growth in Total Assets and Contingents as the Bank closed the year ended December 2017 with Total Assets and Contingents of N3.845trillion and Shareholders’ Funds of N625.2Billion.


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