GTBank’s Q1 gross earnings up by N110.3bn

Guaranty Trust Bank Plc has reported a 1.2 per cent increase in gross earnings, from N109 billion posted last year, to N110.3 billion in the first quarter ended March 31, 2019.
According to the bank’s unaudited financial results, Profit Before Tax improved to N57 billion, from N52.6 billion recorded in the corresponding period of March 2018, representing a growth of 8.3 per cent.
Customers’ deposits went up by six per cent to N2.410 trillion in March 2019, from N2.274 trillion in December 2018, whilst the Bank’s Loan book grew by 1.6 per cent, from N1.262 trillion as at December 2018, to N1.282trillion in March 2019.
Commenting, GTBank’s Managing Director/Chief Executive Officer, Mr. Segun Agbaje, said, “Going into 2019, we knew that it would be a challenging year, but our strategy and unwavering focus on delivering value for our customers and shareholders continues to underpin our ability to consistently deliver solid results despite changing market variables.
“In terms of assets quality, NPL ratio and Cost of Risk closed 7.03 per cent and 0.05 per cent in March 2019 from 7.30 per cent and 0.34 per cent in December 2018 respectively. Balance sheet remained strong with the Bank closing the quarter with total assets of N3.556 trillion and Shareholders’ funds of N627.2 billion. We carried on the momentum of the previous year, posting strong growth in earnings, effectively managing costs and leveraging our digital-first customer-centric strategy to deliver world-class services that are simple, cheap and easily accessible.”
He added, “Whilst ensuring the long-term growth of our business is the greatest value that we can create for our communities, we are also leveraging our resources, expertise and network to help people thrive. That’s why, from April 28 to May 1, 2019, we are organising the biggest food and drink festival in Africa to give small businesses in the food industry the platform, network and access to the markets that they need to grow.”
He noted that GTBank had continued to be best in class in terms of profitability, efficiency and capital among peers and other financial institutions in Nigeria.
“This is evidenced by its Earnings per Share of N1.74, Return on Equity of 32.79 per cent, Cost to Income Ratio of 38.64 per cent and Capital Adequacy of 22.25 per cent. These metrics are a testament to the efficient management of the Bank,” he said.