Home / Business / Finance & Investment / GTBank announces N30.68 billion 1st Quarter, 2016 profit

GTBank announces N30.68 billion 1st Quarter, 2016 profit

Guaranty Trust Bank plc has released its unaudited financial results for the first quarter ended March 31, 2016 to the Nigerian and London Stock Exchanges.

According to the Bank, decline in trading and revaluation gains occasioned by FX paucity robbed off on the impressive performance recorded with a 4.6% decline in gross earnings to N75.39 billion (Q1, 2015: N79.02 billion), a 6.1% decline in Profit Before Tax to N30.68 billion (Q1, 2015: N32.65 billion) and 3.6% decline in Profit After Tax (PAT) to N25.61 billion (Q1 2015: N26.56 billion).

The Bank also reported a post-tax ROAE of 24.19% and ROAA of 3.96% respectively. Shareholders’ funds closed at N433.41 billion (FY 2015: N413.56 billion).

The bank’s Balance Sheet remained strong with 5.2% growth in Total Assets to N2.66 trillion (FY 2015: N2.52 trillion). Loan book declined slightly by 0.7% to close at N1.36 trillion (FY 2015: N1.37 trillion). Customer’s Deposit grew by 10.3% to N1.78 trillion (FY 2015: N1.61 trillion). In line with the bank’s Risk Management strategy, the bank approached its loan growth with disciplined strategy, thus Non Performing Loans (NPL) of the bank for the period under review is still well within range at 3.51% and Net Interest Margin (NIM) for the period under review declined marginally by 9bps to 8.12% from 8.21% in Q1 2015.

Commenting on the financial results, Segun Agbaje, the Managing Director and Chief Executive Officer of Guaranty Trust Bank plc stated that “Despite a slow start in economic activity in 2016 and the extremely challenging business environment, the Bank recorded decent performance across key financial indices during the period.”. He added that “We understand that there’s a lot more work to be done, we are however prepared for the challenges and opportunities that lie ahead the 2016 financial year.”

As a financial institution with a bias for industry leadership, exceptional service delivery and innovation, Guaranty Trust Bank plc has experienced tremendous growth since its inception in Nigeria in 1990 with business outlays spanning Anglophone and Francophone countries of West Africa, East African and the United Kingdom. The Bank presently employs over 10,000 peoples in Cote d’Ivoire, Kenya, Gambia, Ghana, Liberia, Sierra Leone, Rwanda, Uganda and the United Kingdom.

About NigerianFlightDeck

mm
Nigerianflightdeck is an online news and magazine platform reporting business stories with a bias for aviation and travel. It is borne out of the intention to inform, educate as well as alter perceptions with balanced reportage.

Check Also

NAHCO posts impressive N7.2bn turnover in Q3 results, leverages on service; process improvements

HAVING just concluded an excellent half – year performance, the Nigerian Aviation Handling Company plc …

Turkish Airlines’ airlift 7 million passengers, records 83.4% load factor in September 2018

TURKISH AIRLINES has announced passenger and cargo traffic results for September 2018 airlifting about 7 …

Delta Air Lines announces September 2018 Quarter Profit

DELTA AIR LINES has reported financial results for the September quarter 2018 with adjusted pre-tax …

Tony Elumelu Foundation partner GIZ to Empower Young Entrepreneurs across East, West Africa

THE Tony Elumelu Foundation (TEF), Africa’s leading entrepreneurship philanthropy, is partnering with Deutsche Gesellschaft für …

Africa Prudential partners cooperative societies on technology adoption

AFRICA Prudential Plc, a leading share registration and investor services firm has partnered with the …

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this:
Skip to toolbar