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‎GTBank records N109.6bn profit before tax

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GTBGUARANTY Trust Bank plc in its released audited financial results for the period ended June 30, 2018, has reported profit before tax of N109.6 billion, representing a growth of 8.4 per cent over N101.1 billion recorded in the corresponding period of June 2017.

A review of the results indicated positive performance across all financial indices, reaffirming the Bank’s position as one of the most profitable and well managed financial institutions in Nigeria.

Gross earnings for the period grew by 5.9 per cent to N226.6 billion from N214.1 billion reported in June 2017, while the Bank’s Loan Book dipped by 10.8 per cent from N1.449 trillion recorded as at December 2017 to N1.293 trillion in June 2018.

Further look into the result showed that customers’ deposit grew by 10.0 per cent to N2.269 trillion from N2.062 trillion in December 2017.

The Bank’s balance sheet remained strong with a 5.9 per cent 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.

Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr Segun Agbaje, said; “In spite of declining yields and the challenges in the operating environment, we have delivered a decent half year result. The quality of this result is built on the strength of our businesses as well as the success of our digital-first customer-centric strategy in delivering financial services that are simpler, cheaper and more valuable to our customers’ everyday lives.”

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He further stated that “We will continue to focus on consolidating our leading position in all the economies in which we operate by staying committed to building a business that is both nimble and efficient whilst strengthening relationships with our customers and creating business platforms that provide them with additional benefits beyond banking.”

The post ‎GTBank records N109.6bn profit before tax appeared first on Tribune.

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