Guaranty Trust Bank (GTBank) plc has released its audited financial results for the half year ended June 30, 2019 to the Nigerian and London Stock Exchanges.

The half year result shows positive growth across key financial metrics and reflects GTBank’s leading position as one of the best managed financial institutions in Africa. The bank reported a Profit before Tax of N115.8 billion, representing a growth of 5.6% over N109.6 billion recorded in the corresponding period of 2018. The bank’s loan book grew by 1.0% from N1.262 trillion recorded as at December 2018 to N1.274 trillion in June 2019 and customer deposits increased by 6.3% to N2.418 trillion from N2.274 trillion in December 2018.

The bank closed the half year ended June 2019 with total assets of N3.598 trillion and shareholders’ funds of N603.0bn. In terms of asset quality, NPL ratio and Cost of Risk improved to 6.8% and 0.2% in June 2019 from 7.3% and 0.3% in December 2018 respectively. Overall, asset quality remains stable with adequate coverage of 84.7%, while capital remains strong with CAR of 23.5%. On the backdrop of this result, Return on Equity (ROAE) and Return on Assets (ROAA) stood at 33.7% and 5.8% respectively. The bank is proposing an interim dividend of 30 kobo per ordinary share of 50 kobo each for period ended June 30, 2019.

Commenting on the financial results, GTBank Chief Executive Officer, Segun Agbaje, said: “We have delivered a good result in spite of a challenging market, characterised by varying degrees of uncertainty and a rapidly changing competitive landscape. Our strong financial performance is underpinned by our unwavering focus on delivering value for our shareholders and reimagining the role we play in our customers’ lives.”

He further stated: “In a rapidly changing world and increasingly unpredictable environment, we are committed to building a long-term business that is both nimble and focused on flawless execution. The progress that we have made over the past six months demonstrates that we have the right strategy and the dedicated team to deliver for all our stakeholders, even in difficult conditions.”

GTBank has continued to report the best financial ratios for a financial institution in the industry with a return on equity (ROE) of 33.7% and a cost to income ratio of 37.6% evidencing the efficient management of the banks’ assets.

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