GTB’s half-year report shows profit-before-tax of N63.11bn

Guaranty Trust Bank plc has released its audited financial results for the half-year ended June 30, 2015, to the Nigerian and London Stock Exchanges, showing a profit-before-tax of N63.11 billion.

A review of the half-year performance shows positive growth across all key financial metrics and improved strategic positioning of the brand. Gross earnings for the period grew by 15% to N153 billion from N133 billion reported in the June 2014, driven primarily by growth in interest income.

Profit before tax stood at N63.11 billion, representing a growth of 18% over N53.39 billion recorded in the corresponding period of June 2014.The bank’s loan book grew by 2% from N1.276 trillion recorded as at December 2014 to N1.299 trillion in June 2015 and total customer deposits increased by 5% to N1.71 trillion from N1.618 trillion in December 2014.

The bank closed the half-year ended June 2015 with total assets and contingents of N3.04 trillion and shareholders’ funds of N385 billion. Its non-performing loans remained low at 3.73%. On the backdrop of this result, Return on Equity (ROAE) and Return on Assets (ROAA) stood at 28.1% and 4.4%, respectively. The bank is proposing interim dividend of N0.25k per ordinary shareof 50 kobo each for period ended June 30, 2015.

Segun Agbaje, managing director/chief executive officer of GTB attributed the bank’s strong performance during a tough half-year period to the continued support of its customers, the commitment and hard work of its staff, management and board, and its strong corporate governance standards.

According to Agbaje, a major objective for the bank this year is to add value to all stakeholders and improve the customer experience.

“We will continue to drive customer engagement, underpinned by a single view of the customer, and build an ecosystem that will guarantee increased customer interactions and satisfaction at every touch point,” he said, “We will continue to leverage technology and collaborations to improve customer experience and ease of interaction.”

GTB’s most recent service introductions includes the GTEasySavers account, launched to strategically drive financial inclusion in the country by targeting low-income segments of society who do not have access to banking services by enabling mobile phone users open an account and enjoy basic banking services on their mobile phone.

It also launched the *737* Funds Transfer innovative service on its mobile banking platform, which enables customers to conveniently transfer funds to both GTBank and other bank account holders in Nigeria.