GTBank declares N120.7bn profit before tax

Guaranty Trust Bank Plc has announced a profit before tax of N120.7bn for the year ended 2015 financial year, which is an increase of N4.3bn or 3.7 per cent over the N116.4bn reported in December 2014.

The financial result was released to the Nigerian and London Stock Exchanges, the bank said on Monday.

A review of the 2015 results showed gross earnings of N301.9bn, an increase of 8.4 per cent from the N278.5bn recorded in the same period of 2014.

In terms of value creation for its shareholders, the bank recorded pre-tax Return on Average Equity of 31 per cent and Return  on Average Asset of five per cent.

The bank’s balance sheet showed a 7.2 per cent growth in total assets, from N2.36tn in 2014 to N2.52tn in the year under review. Loans to customers grew by 7.5 per cent to close at N1.37tn from N1.28tn in 2014.

Despite the implementation of the Treasury Single Account by the Federal Government, customer deposits remained relatively stable with a marginal year-on-year decline of 0.49 per cent from N1.62tn in 2014 to N1.61tn in 2015.

The bank continued to maintain a disciplined and prudent approach to loan growth in line with its risk management framework.

The bank’s Non-Performing Loans ratio remained low at 3.21 per cent; up slightly from 3.15 per cent in the comparative period of 2014.

The bank is proposing a total-year dividend of N1.77k per share (inclusive of the 25 kobo interim dividend paid at a half year 2015).

Speaking on the results, the Managing Director/CEO of the bank, Mr. Segun Agbaje, said that the bank’s financial performance in 2015 was an indication that “we have earned the loyalty of our customers and an attestation of the hard work and dedication of our staff, management and board.

“The group has delivered a respectable profit before tax of N120.7bn despite an extremely challenging business environment in 2015.”