GTBank grows Q1 gross earnings to N104.6b
Guaranty Trust Bank Plc has released its unaudited financial results for the quarter ended March 31, which showed its gross earnings for the period grew by 39per cent to N104.66 billion from n75.39 billion reported in March 2016.
The earnings, the lender said, were driven primarily by growth in interest income. Profit before tax stood at N50.39billion, representing a growth of 64 per cent over N30.68 billion recorded in the corresponding period of March 2016.
The bank’s loan to customers dipped marginally by two per cent from N1.591 trillion recorded in December 2016 to N1.563 trillion as at March 2017. Deposit from customers grew marginally by one per cent from N1.986 trillion in December 2016 to N2.012trillion in March 2017.
The bank’s balance sheet remained strong with a 1.6 growth in total assets as the bank closed the quarter ended March 2017 with Total Assets of N3.16 trillion and Shareholders’ funds of N546.9 billion. The bank’s non-performing loans remained low and within regulatory threshold at 3.62 per cent with adequate coverage of 231.6 per cent. Capital remains strong with CAR of 20.03 per cent.
On the backdrop of this result, Return on Equity (ROAE) and Return on Assets (ROAA) closed at 31.55 per cent and 5.28 per cent respectively.
Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank Plc, Segun Agbaje, said that “Given the significant progress we made in 2016, we came into the year better equipped to navigate any further economic headwinds, and our performance in the first quarter demonstrates our ability to deliver sustainable long-term growth. We remain committed to maximizing shareholders’ value and delivering superior and sustainable return, guided by our founding values of hard work, discipline and integrity.
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