Shareholders Applaud GTBank’s Improved Performance

The shareholders of Guaranty Trust Bank (GTBank) Plc have commended the bank for its improved performance in the 2017 financial year and its consistency in terms of dividend payout and sustainable growth over the years. The shareholders gave the commendation at the company’s annual general meeting (AGM) held in Lagos yesterday.

For instance, founding National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Sunny Nwosu hailed the Managing Director of GTBank, Mr. Segun Agbaje for his contribution towards the growth of the bank, “When you took over, profit before tax was less than N50billion but as of today it is over N200billion, which is very commendable.”

Another shareholder of the bank, Mr. Adeleke Oladimeji said that he was impressed with the results and everything the bank represents and hailed all the staff right from the junior staff till the top management.

In her address, the Chairman of the bank, Mrs. Osaretin Demuren, said 2017 was a good year for the bank as gross earnings grew to N419.2 billion for the year ended December 31, 2017, from N414.6 billion reported in 2016.

Profit before tax stood at N200.2 billion which represents a growth of 21.3 per cent over N165.1 billion recorded the corresponding year ended December 2016.

She added that the bank’s loan book fell by 8.9 per cent from N1.590 trillion recorded as at December 2016 to N1.449 trillion in December 2017 while customer deposits increased by 3.8 per cent to N2.062 trillion from N1.986trillion in December 2016.

She further explained that the bank’s balance sheet remained strong with a 3.9 per cent growth in total assets and contingents as the bank closed the year with total assets and contingents of N3.845 trillion and share holders’ funds of N625.2 billion.

“In terms of assets quality, non-performing loan (NPL) ratio increased to 7.7 per cent in December 2017 from 3.7 per cent in December 2016 largely as a result of classification of a single exposure within the Nigerian telecommunications Industry. Over all, asset quality remains stable with adequate coverage of 119.6 per cent, while capital remains strong with Capital Adequate ratio (CAR) of 25.7 per cent. Total dividend for 2017 financial year is N2.70 per unit of ordinary share.” she said.

She thanked the shareholders for their continued support and promised to take advantage of immense opportunities in all the markets in which they operate in other to grow earnings and profitability, going forward.