GTB declares N28bn profit in Q1, 2013

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Guaranty Trust Bank Plc. has released its unaudited financial results for the first quarter ended March 31, 2013 to the Nigerian and London Stock exchanges. A review of the result shows strong and positive performance across all financial indices.

The bank recorded a 20.83 per cent growth in gross earnings to N63.57 billion (Q1, 2012: N52.62 billion), a 16.85 per cent growth in profit before tax to N28.49 billion, (Q1, 2012: N24.38 billion); while the bank’s non-performing loan ratio remains low at 2.8 per cent. The bank also reported shareholders’ funds of N307.95 billion for the period.

Commenting on the results, Mr. Segun Agbaje, Managing Director and CEO of Guaranty Trust Bank Plc. stated that the bank is committed to positioning itself as the bank of choice for Nigerians and would continue to uphold the values of discipline, hardwork, excellent service quality and professionalism in all its operation. He further stated that the bank’s impressive 2013 first quarter results were due to customer loyalty, staff passion, a defined strategic plan and a supportive board.

Mr Agbaje also added that barring any unforeseen development, he expects the Bank to maintain this performance for the rest of the 2013 financial year. Guaranty Trust Bank plc has experienced significant growth since its inception in Nigeria in 1990 and presently has growing operations in Cote d’Ivoire, Gambia, Ghana, Liberia, Sierra Leone and the United Kingdom due to its ability to exhibit an in-depth understanding of these markets.

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