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GTBank Declares N116.39Billion Profit Before Tax for FY 2014

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Foremost African Banking Group, Guaranty Trust Bank plc has released its audited financial results for the year ended December 2014 to the Nigerian and London Stock Exchanges.

 

A review of the 2014 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. The Group delivered an impressive Profit Before Tax of N116.39billion, an increase of9.30billion or 8.7% over the N107.09billion reported in December 2013 and Gross Earnings ofN278.52billion an increase of 14.8% from the N242.67billion recorded in the same period of2013. In terms of value creation for its shareholders, the Bank recorded pre-tax ROAE of 32.94%and ROAA of 5.22% respectively.

 

The Bank’s balance sheet remains strong with 12.4% growth in Total Assets, from N2.10trillion in2013 to N2.36trillion in the year under review. Loan book growth up by 27.12% to close atN1.28trillion from N1.01trillion in 2013; driven primarily by growth of the foreign currency loan book, on the back of the 2013 $400mm Eurobond issue. On the back of continued growth of the Bank’s  Retail  franchise,  Customer  Deposits  grew  by  13.3%  from  N1.43trillion  in  2013  toN1.62trillion in 2014. The Bank continues to maintain a disciplined and prudent approach to loan growth in line with its Risk Management framework. The Bank’s Non-Performing Loans (NPL) ratio remained low at 3.15%; down from 3.58% in the comparative period of 2013. On the backdrop of this result, the Bank is proposing Total-Year Dividend of N1.75k per share (inclusive of the25kobo interim dividend paid at half year 2014).

 

Commenting on the financial  results,  Segun Agbaje, the Managing Director/CEO of Guaranty Trust  Bank  plc,  said  that  the  Bank’s  financial  performance  in  2014  attests  to  the  inherent soundness of our strategy and resilience of our earnings. The Group has delivered a respectable Profit Before Tax of N116.39billion in spite of all the headwinds the industry experienced in 2014.He  expressed  his  sincere  appreciation  to  customers  for  their  loyalty  and  staff  for  their commitment and hard work. According  to  Segun  Agbaje  “We  remain  committed  to  maximizing  shareholder  value  and delivering superior and sustainable returns. Our objective is to remain a leading player in the financial services sector whilst expanding our franchise in select, high growth African markets where we believe we have competitive advantage.

 

Guaranty Trust  Bank plc  has always been at  the forefront  of  industry  service innovations in markets  where  it  operates,  having  successfully  replicated  its  culture  for  excellence  in  its subsidiaries in Kenya, Uganda, Rwanda Ghana, Gambia, Sierra Leone, Liberia, Cote d’Ivoire and the UK. Locally, the Bank’s most recent service introductions includes; SME Market Hub; an e-commerce platform which allows GTBank customers create online stores in order to expand their business operations and boost sales

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