GTB announces N26.56bn as profit for First Quarter of 2015

Leading financial brand, Guaranty Trust Bank Plc, has according to the bank’s unaudited financial results for the period, posted a profit after tax of N26.56bn in the first quarter of the 2015. The amount represents a 15 per cent increase than the N23.11bn it posted for the equivalentperiod in 2014.

The figures which are for the financial period of three months ended March 31, 2105, filed with the Nigerian Stock Exchange and London Stock Exchange, showed that the company realiseda profit before tax of N31.65bn, signifyinga 17 per cent rise from the N28.01bn reported in Q1 2014.

The new-generation financial lender also increased bountifully its gross earnings by 17 per cent to N79.02bn from N67.58bn, a development the bank ascribedto strong growth in interest income and effective management of operating expenses and cost risk.

The bank’s total assets and contingents as of March 31, 2015 stood at N3.15tn, customer deposits amounted to N1.69tn, while shareholders’ funds stood at N357.59bn.

According to a statement released by the bank, the financial brand’s Managing Director and Chief Executive Officer, Mr.SegunAgbaje, said, “A major focus for the bank this year is to strengthen market positions with distinctive customer propositions in chosen segments in order to deliver long-term sustainable and efficient growth as well as strong shareholder returns.”

The statement further affirmed that 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.

GTB reported that its non-performing loans improved to 3.06 per cent in the review period from 3.40 per cent in the comparative period in 2014, while its loan book grew by 28 per cent to N1.30tn from N1.02tn in Q1 2014. The bank also reported a post-tax return on average equity of 29.03 per cent and return on average assets of 4.39 per cent, respectively.

The bank had recently announced a profit before tax of N116.385bn for the financial year ended December 31, 2014.The figure represented a nine per cent increase on the N107.091bn profit before tax (PBT) it declared a year earlier.

The bank’s profit after tax for the full-year had risen by 10 per cent year-on-year – from N90.024bn in 2013 to N98.695bn in 2014.