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.

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