August 15, 2017
By InvestAdvocate
Click here to download full PDF Copy of Guaranty Trust Bank Plc H1 2017 Report
Lagos (INVESTADVOCATE)-Nigeria’s dual listed lender, Guaranty Trust Bank Plc (GTBank) said on Tuesday its pretax profit for the half-year (H1) period ended June 30, 2017 climbed up 18 percent to N101.10 billion from N85.68 billion recorded a year ago.
Similarly, profit after tax (PAT) increased 16.6 percent to N83.67 billion from N71.76 billion reported the same period of 2016.
Gross earnings grew from N209.87 billion in the H1 of 2017 to N214.09 billion in the review period of 2017; indicating a growth of 2.0 percent, the lender said in a filing with the Nigerian Stock Exchange (NSE).
Also, the dual listed lender declared an interim dividend of 30 kobo per 50 kobo ordinary share, subject to the appropriate withholding tax will be paid to shareholders, whose names appear in the Register of Shareholders as at the close of business August 23, 2017 and August 17, 2017, for holders of the bank’s Global Depository Receipts (GDR).
GTbank said payment date for shareholders will be September 5, 2017. “Holders of the Bank’s GDR listed on the London Stock Exchange will receive their dividend payment subsequently,” the bank added.
The lender affirmed that to enable its Registrar prepare for the payment of interim dividend, GTBank’s Register of Shareholders will be closed on August 24, 2017, while the Register of GDR holders will be closed on August 18, 2017.
The bank’s loan book dipped by 6 percent from N1.590 trillion recorded as at December 2016 to N1.491 trillion in June 2017 and customer deposits decreased by one percent to N1.966 trillion from N1.986 trillion in December 2016.
“Our strong performance in the first half of 2017 reflects the strength of our businesses, the quality of our past decisions and the success of our efforts towards becoming a digital-first customer-centric Bank that offers simple and easily accessible products and services,”Segun Agbaje, the managing director/CEO of GTBank said in a statement made available to InvestAdvocate
According to Agbaje, despite the challenging environment of slow economic growth, the lender focused its resources on strengthening relationships with its customers, creating business platforms that seek to add value across all customer segments, whilst consolidating its leading position in all the economies in which it operates.
The lender said it has continued to report the best financial ratios for a Financial Institution in the industry with a return on equity (ROE) of 38.8 percent and a cost to income ratio of 40.2 percent evidencing the efficient management of the banks’ assets. Overall, the bank has enshrined its position as a clear leader in the industry. In due recognition of the bank’s leading role in Africa’s banking industry, owing to its bias for world class corporate governance standards and excellent service delivery and innovation, GTBank has been a recipient to numerous awards over the course of the year. They include Africa’s Best Bank for SMEs and Best Bank in Nigeria from Euromoney Magazine, African Bank of the Year from African Banker Magazine, Best Banking Group and Best Retail Bank from World Finance Magazine, Best Bank in Africa for Corporate Governance from Ethical Boardroom Magazine.
As Nigerian stocks closed in red at the close of Tuesday’s trading session on the domestic bourse, shares of GTBank slumped 1.47 percent to N38.92 from N39.50 traded the previous session ; losing 0.58 kobo per share.
Click here to download full PDF Copy of Guaranty Trust Bank Plc H1 2017 Report
