GTBank reports profit before tax of N92bn
Guaranty Trust Bank Plc last Friday released its unaudited financial results for the third quarter ended September 30, 2015, to the Nigerian and London Stock Exchanges.
A review of the third quarter performance shows positive growth across all key financial metrics and improved strategic positioning of the brand. Gross earnings for the period grew by 15 per cent to N229.4 billion from N199.2 billion reported in the corresponding period of September 2014, driven primarily by growth in interest income. Profit before tax stood at N92.06bn, representing a growth of 14 per cent from the N80.7bn recorded in the corresponding period of September 2014.The bank’s loan book grew by 0.47 per cent from N1.276 trillion recorded in December 2014 to N1.281trillion in September 2015.
The bank closed the third quarter ended September 2015 with total assets and contingents of N3.002trn and shareholders’ funds of N400.7bn. The bank’s nonperforming loans remained low at 3.16 per cent. On the backdrop of this result, return on equity and return on assets stood at 31.68 per cent and 5.10 per cent respectively.
Managing Director and Chief Executive Officer of the bank, Mr. Segun Agbaje, attributed the its strong performance to the continued support of its customers, the commitment and hard work of its staff, management and board, and the prioritization of strong corporate governance standards in the bank’s systems and procedures.
To Agbaje, the aggressive pursuit of our key objectives for the year, which are focused mainly on adding value to all stakeholders and improving customer experience, are yielding positive dividends and reflecting heavily on the bank’s performance.”
He assured GTBank would continue to leverage technology and collaborations to improve on its service delivery quality, stakeholder interaction points and overall customer experience.