Guaranty Trust Bank has recorded a Profit Before Tax (PBT) of N165.14billion, representing a growth of 37 percent over N120.69billion recorded in the corresponding period of December 2015.

The bank released its audited financial results for the year ended December 31, 2016 to the Nigerian and London Stock Exchanges.

A review of the results shows positive performance across all financial indices, reaffirming the Bank’s position as one of the most profitable institutions in the country, with gross earnings for the period grew by 37 percent to N414.62billion from N301.85billion reported in the December 2015; driven primarily by growth in interest income as well as foreign exchange income.

The Bank’s loan book grew by 16 percent from N1.373trillion recorded as at December 2015 to N1.590trillion in December 2016 with corresponding growth in total deposits which increased by 29 percent to N2.111trillion from N1.637trillion in December 2015.

The Bank’s balance sheet remained strong with a 19.7 percent growth in Total assets and Contingents as the Bank closed the year ended December 2016 with Total Assets and Contingents of N3.70trillion and Shareholders’ Funds of N504.9Billion. The Bank’s non-performing loans remained low and within regulatory threshold at 3.66 percent (Bank: 3.29%) with adequate coverage of 131.79 percent (Bank: 150.80%).

Increase in collective impairment was borne out of the prudent stance of the Bank, while Capital remains strong with CAR of 19.79 percent. On the backdrop of this result, Return on Equity (ROAE) and Return on Assets (ROAA) closed at 35.96% and 5.85% respectively.

The Bank is proposing final dividend of 175k per unit of ordinary share held by shareholders in addition to interim dividend of 25k per unit of ordinary share bringing total dividend for 2016 financial year to N2 per unit of ordinary share.

Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr. Segun Agbaje, said that “The Bank’s financial performance in 2016, does not only reflect the resilience of our franchise, it demonstrates the fundamental strength of our businesses to deliver sustainable long-term growth. We successfully navigated the heightened economic uncertainty and regulatory headwinds which dominated the year to deliver a solid performance across all financial and non-financial indices.

He further stated that “We are transforming our organization into a platform for enriching lives by positioning ourselves at the centre of an extended ecosystem that offers our stakeholders, benefits beyond banking. We also remain committed to maximising shareholders’ value and delivering superior and sustainable return, guided by our founding values of hard work, discipline and integrity.


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