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 anthony omoh

mm
I am a Journalist with a passion for developmental stories and nigerianflightdeck.com was born out of passion for reporting the travel, business and aviation sub-sector. This site is an expression of my ideals and creativity as a reporter and my discretion as a publisher. I am extremely content doing this and I am sure when you read my stories you'd understand that I touch people and that's why

Check Also

NATOP asks members to desist from selling Tanzanian packages till visa procedure is clarified

PRESIDENT of National Association of Tour Operators ( NATOP), Hajia Bilkisu Abdul has asked Nigerian …

Photo Reel: SAHCOL MD pays courtesy visits to industry stakeholders

MANAGING Director of Skyway Aviation Handling Company Limited, Mr Basil Agboarumi paid courtesy visits to …

Photo News: NCAT graduates 42 Cabin Crew students on Course Number 32 A& B

Related

Air Peace inks multi-year aircraft spares deal with Embraer

DEEPENING its drive for safety and maintenance of its rapidly growing fleet, Air Peace has …

FG extends verification for ex-NAL workers, promises payment to commence next week

As govt plans to dig up, implement Justice Nwazorta White paper FEDERAL Government through the Ministry …

Leave a Reply

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

%d bloggers like this:
Skip to toolbar