Guaranty Trust Bank plc on Thursday announced that its gross earnings in the 3rd quarter ended September 30, 2016, grew by 44%.
The report is contained in the company’s unaudited financial results to the Nigerian and London Stock Exchanges.
The bank recorded positive growth across all key financial metrics and improved strategic positioning of the brand.
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Its gross earnings for the period grew by 44% to N329.3billion from N229.4billion reported in the corresponding period of September 2015. This is driven by growth in fee & commission income as well as foreign exchange income.
Profit before tax stood at N140.84billion, representing a growth of 53% from N92.06billion recorded in the corresponding period of September 2015.The Bank’s loan book grew by 19.6% from N1.372trillion recorded in December 2015 to N1.640trillion in September 2016.
The Bank closed the third quarter ended September 2016 with Total Assets of N3.093trillion and Shareholders’ Funds of N483.4billion. The Bank’s non-performing loans remained low at 4.13%. On the backdrop of this result, Return on Equity (ROE) and Return on Assets (ROA) stood at 35.31% and 5.69% respectively.
Commenting on the Bank’s financial results, Segun Agbaje, the Managing Director/CEO said that “The Bank’s strong performance is a reflection of the continued support of our customers, hard work of our Staff and the commitment of the Management and Board to manage the Bank for long term sustainable returns. Recognizing that we operate in challenging business environments, we set high goals, benchmark ourselves against global standards and aggressively pursue our key objectives for the year, which are focused mainly on adding value to all stakeholders and improving the customer journey.
He further stated that “As a Bank, we will continue to leverage collaborations and technology to drive customer engagement, improve the overall customer experience and grow our business for long term sustainable returns.”
Guaranty Trust Bank has continued to report the best financial ratios for a Financial Institution in the industry with a return on equity (ROE) of 35.31% and a cost to income ratio of 36.20% evidencing the efficient management of the banks’ assets. Overall, the Bank has enshrined its position as a clear leader in the industry.
In due recognition of the Bank’s leading role in Africa’s banking industry, owing to its bias for world class corporate governance standards and excellent service delivery and innovation, GTBank has been a recipient of numerous awards over the course of the year. They include Best Banking Group from World Finance Magazine, Most Innovative African Bank from African Banker Magazine, Best Bank in Nigeria and Best Digital Bank in Africa from Euromoney Magazine.