GTBank Releases 2017 Q3 Unaudited Results... Reports Profit Before Tax of N150.03Billion
Lagos, Nigeria - October, 2017
Guaranty Trust Bank plc has released its unaudited financial results for the 3rd quarter ended September 30, 2017, to the Nigerian and London Stock Exchanges.
A review of the 3rd quarter performance shows positive growth across all key financial metrics and improved strategic positioning of the brand. Despite non-recurrence of significant FX revaluation gain during the period, the Bank reported an impressive Profit before tax of ₦150.03billion, representing a growth of 9% from ₦137.99billion recorded in the corresponding period of September 2016. Increase in PBT is primarily from 36% growth in interest income.
The Bank closed the third quarter ended September 2017 with Total Assets of ₦3.213trillion and Shareholders’ Funds of ₦581.91billion. The Bank’s loan book contracted by 10% from ₦1.590trillion recorded in December 2016 to ₦1.428trillion in September 2017 due to conscious effort to de-risk the balance sheet and unwinding (pay-down) of trade obligations. In terms of asset quality, the Bank’s non-performing loans remained low at 3.93% with adequate Coverage ratio of 212.7%. Cost of risk moderated to 0.53% from 3.66% of comparative period of September 2016. On the backdrop of this result, Post-Tax Return on Equity (ROE) and Post-Tax Return on Assets (ROA) stood at 30.81% and 5.29% respectively.
Commenting on the Bank’s financial results, Segun Agbaje, the Managing Director/CEO said that, “Given the progress we made in the first half of the year, we came into the second half with the objective of remaining focused on our core strategy of serving the full value chain of our customers’ needs whilst maintaining high standards of customer service.
He further stated that “As the Bank continues to drive innovation around mobile technology, we will continue to enhance our digital channels in order to make it easy for our customers to use and access our products and services, whilst positioning our Bank as a platform for enriching lives that provides customers with benefits beyond banking.”
Guaranty Trust Bank has continued to report the best financial ratios among all Financial Institutions in the Industry. Post-tax return on equity (ROE) of 30.81% and a cost to income ratio of 37.59% is a clear evidence of the efficient management of the Banks’ Assets. Overall, the Bank has enshrined its position as a clear leader in the Banking Industry. In due recognition of the Bank’s leading role in Africa’s Banking Industry, owing to its world class corporate governance standards and excellent service delivery and innovation, GTBank has been a recipient of numerous awards over the course of the year. These include but not limited to Best Bank in Nigeria and Best Bank for SMEs in Africa from Euromoney Magazine, African Bank of the Year from African Banker Magazine, Best Bank in Nigeria and Best Bank for CSR in Africa from EMEA Finance Magazine, Best Corporate Governance from Ethical Boardroom Magazine, Best Banking Group and Best Retail Bank from World Finance Magazine.
Communication & External Affairs
GTBank - Ogun State Principals Cup (Season 5) holds on Thursday 21st September 2017
Lagos Nigeria – September, 2017.
The 2017 edition of the GTBank-Ogun State Principals Cup will reach its climax on Thursday 21st September, 2017 in the famous MKO Abiola Stadium, Kuto, Abeokuta. The highly anticipated finals will thrill football lovers from across Ogun State and beyond as first-time finalists take on former champions.
The curtain raiser for the day will be the finals in the female category between 2 time winners, Muslim High School, Isolu and Iko Gateway Grammar School, Idiroko. In the male category, Ipara Community Secondary School, Ipara will hope to spring an upset as they take on title favorites, Pakoto High School, Ayede-Ifo who won the trophy in 2015. The matches are bound to produce historic moments for two of the four schools as both jostle to win the trophy for the first time ever.
The GTBank - Ogun State Principals Cup has been won by 5 schools since its inception. In the male category, Alamuwa Grammar School, Ado Odo won the first and forth editions of the competition (2013, 2016) and are the only male team to win twice so far – a feat Pakoto High School hope to repeat when they file out on Thursday – while Remo Divisional High School, Sagamu emerged winners in 2014. In the female category, Orile Ilegun Comprehensive High School, Odeda clinched the title in 2013, Alamuwa Grammar School, Ado Odo 2014, while this year’s finalist, Muslim High School, Isolu took home the title in 2015 and 2016.
Outstanding players to watch out for in the male category of this year’s final include Olalekan Toheeb of Pakoto High School who is the leading scorer of the tournament with 3 goals, and Sodiya Olaoluwa of Ipara Community Secondary School who won the most valuable player award in the semifinals. In the female category, all eyes will be on Adeyanju Hanna of Iko gateway Grammar School who scored the lone goal that earned her team a place in the final, and Kayode Tolulope of Muslim High School whose midfield prowess helped her team get to this stage of the competition. Winners in both categories will be rewarded with the sum of N1,000,000 each, while the 1st ,2nd, 3rd runners-up will be given N750,000, N500,000, and N350,000 respectively.
Commenting on the Finals the 2017 GTBank - Ogun State Principals Cup, Segun Agbaje, the MD/CEO of Guaranty Trust Bank plc, said “We are proud to lead this initiative that provides an avenue for students to showcase their talents and passion for the game of football even as they remain committed to their academics.” He further stated that “This competition paves the way for youths to cultivate their sporting talents and aptitudes, while fostering and building a healthier lifestyle at a critical stage in their lives”.
Guaranty Trust Bank plc is a foremost Nigerian financial institution that has maintained a defined Corporate Social Responsibility (CSR) strategy since its inception in 1990. The Bank actively supports in-classroom and out-of-classroom educational programmes, infrastructure development, students’ scholarship and teachers training across Africa.
Alongside the Ogun State Principals Cup, GTBank also sponsors the Lagos State Principals Cup, and the Masters Cup tournaments.
Communication & External Affairs