Guaranty Trust Bank Plc has released its audited financial results for the period ended June 30, 2018 to the Nigerian and London Stock Exchanges.
A review of the results shows positive performance across all financial indices, reaffirming the bank’s position as one of the most profitable and well managed financial institutions in Nigeria.
During the period, gross earnings for the period grew by 5.9% to N226.6 billion from N214.1 billion reported in June 2017.
Profit before tax stood at N109.6 billion, representing a growth of 8.4% over N101.1 billion recorded in the corresponding period of June 2017. The bank’s Loan Book dipped by 10.8% from N1.449 trillion recorded as at December 2017 to N1.293 trillion in June 2018, while customers’ deposit grew by 10.0% to N2.269 trillion from N2.062 trillion in December 2017.
The Bank’s balance sheet remained strong with a 5.9% growth in Total assets as the Bank closed the period ended June 2018 with Total Assets of N3.549 trillion and Shareholders’ Funds of N497.1 billion. In terms of Assets quality, NPL ratio improved to 5.8% in June 2018 from 7.7% in December 2017.
Overall, Asset quality improved with Cost of Risk of 0.1% and adequate coverage of 167.5% for Lifetime Credit Impaired Loans i.e. NPLs. Capital remains strong with CAR of 22.04% in spite of the implementation of IFRS 9. On the backdrop of this result, Post- Tax Return on Equity (ROAE) and Return on Assets (ROAA) closed at 34.1% and 5.5% respectively.