GTBANK ANNOUNCES #30.38 BILLION 1ST QUARTER,2016 PROFIT

Guaranty Trust Bank plc has released its

unaudited financial results for the first quarter

ended March 31, 2016 to the Nigerian and London

Stock Exchanges.

A review of the 1Q 2016 result shows that the

Bank continued to consolidate on its position as

one of the most profitable and well managed

financial institutions in Nigeria, recording

moderate growth from its core banking

activities. However, decline in trading and

revaluation gains occasioned by FX paucity

robbed off on the impressive performance

recorded with a 4.6% decline in gross earnings

to N75.39 billion (Q1, 2015: N79.02 billion), a

6.1% decline in Profit Before Tax to N30.68

billion (Q1, 2015: N32.65 billion) and 3.6%

decline in Profit After Tax (PAT) to N25.61

billion (Q1 2015: N26.56 billion). The Bank also

reported a post-tax ROAE of 24.19% and ROAA of

3.96% respectively. Shareholders’ funds closed

at N433.41 billion (FY 2015: N413.56 billion).

The bank’s Balance Sheet remained strong with

5.2% growth in Total Assets to N2.66 trillion (FY

2015: N2.52 trillion). Loan book declined slightly

by 0.7% to close at N1.36 trillion (FY 2015:

N1.37 trillion). Customer’s Deposit grew by

10.3% to N1.78 trillion (FY 2015: N1.61 trillion).

In line with the bank’s Risk Management

strategy, the bank approached its loan growth

with disciplined strategy, thus Non Performing

Loans (NPL) of the bank for the period under

review is still well within range at 3.51% and

Net Interest Margin (NIM) for the period under

review declined marginally by 9bps to 8.12%

from 8.21% in Q1 2015.

Commenting on the financial results, Segun

Agbaje, the Managing Director and Chief

Executive Officer of Guaranty Trust Bank plc

stated that “Despite a slow start in economic

activity in 2016 and the extremely challenging

business environment, the Bank recorded decent

performance across key financial indices during

the period.”. He added that “We understand

that there’s a lot more work to be done, we are

however prepared for the challenges and

opportunities that lie ahead the 2016 financial

year”.

As a financial institution with a bias for

industry leadership, exceptional service delivery

and innovation, Guaranty Trust Bank plc has

experienced tremendous growth since its

inception in Nigeria in 1990 with business

outlays spanning Anglophone and Francophone

countries of West Africa, East African and the

United Kingdom. The Bank presently employs over

10,000 peoples in Cote d’Ivoire, Kenya, Gambia,

Ghana, Liberia, Sierra Leone, Rwanda, Uganda

and the United Kingdom.