GTB grossed N110bn in Q1 2019

Guaranty Trust Bank plc has released its unaudited financial results for the quarter ended March 31, 2019 to the Nigerian and London Stock Exchanges.

The bank recorded positive performance across all financial metrics with gross earnings for the period growing by 1.2% to 110.3 billion from 109.0 billion posted in March 2018.

Profit before tax improved to 57.0 billion from 52.6 billion recorded in the corresponding period of March 2018, representing a growth of 8.3%.

Customers’ deposits also rose by 6.0% to 2.410 trillion in March 2019 from 2.274 trillion in December 2018, whilst the bank’s loan book grew by 1.6% from 1.262 trillion as at December 2018 to 1.282 trillion in March 2019.

Its Balance sheet remained strong, closing the quarter ended March 31, 2019 with Total Assets of 3.556 trillion and Shareholders’ Funds of 627.2 billion. In terms of Assets quality, NPL ratio and Cost of Risk closed 7.03% and 0.05% in March 2019 from 7.30% and 0.34% in December 2018 respectively.

In addition, coverage for NPL stood at 90.12% while Full Impact Capital adequacy ratio remained very strong, closing at 22.25%. On the backdrop of this result, Post Tax Return on Equity (ROAE) and Return on Assets (ROAA) closed at 32.79% and 5.76% respectively.

Commenting on the first quarter results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr Segun Agbaje, said; “Going into 2019, we knew that it would be a challenging year, but our strategy and unwavering focus on delivering value for our customers and shareholders continues to underpin our ability to consistently deliver solid results despite changing market variables.”