GTBank records N200.2bn pre-tax profit in 2017
Guaranty Trust Bank Plc has recorded N200.2billion as its Profit Before Tax (PBT), based on its audited financial results for the year ended December 31, 2017.
According to The bank’s audited financial results released on Wednesday, the profit represents a growth of 21.3 percent over N165.1billion recorded in the corresponding year ended December 2016.
Result of the tier-one lender released to both the Nigerian and London Stock Exchanges shows positive performance across all financial indices and reaffirms the bank’s position as one of the most profitable and well managed financial institutions in Nigeria.
GTBank gross earnings for the year grew by 1.1percent to N419.2billion from N414.6billion reported in December 2016; driven primarily by growth in interest income as well as e-payment revenues.
The bank’s loan book dipped by 8.9 percent from N1.590trillion recorded as at December 2016 to N1.449trillion in December 2017 while customer deposits increased by 3.8 percent to N2.062trillion from N1.986trillion in December 2016.
“2017 was a pivotal year for the bank. We delivered a strong result in a challenging environment achieving record growth in earnings, carefully managing cost margins and leveraging our digital-first customer centric strategy to deliver world-class services that are simple, cheap and easily accessible” said SegunAgbaje, Managing Director/CEO, Guaranty Trust Bank Plc.
GTBankPlc’s balance sheet remained strong with a 3.9 percent growth in Total Assets and Contingents as the Bank closed the year ended December 2017 with Total Assets and Contingents of N3.845trillion and Shareholders’ Funds of N625.2billion.
In terms of Assets quality, non-performing loan (NPL) ratio increased to 7.7 percent in December 2017 from 3.7 percent in December 2016 largely as a result of classification of a single exposure within the Nigerian Telecommunications Industry.
Overall, asset quality remains stable with adequate coverage of 119.6 percent, while Capital remains strong with capital adequacy ratio (CAR) of 25.7 percent.
RECOMMENDED ARTICLES
Comment
No comments found.