…declares N1.77kobo final dividend
Guaranty Trust Bank plc has released its audited financial results for the year ended December 2015 to the Nigerian and London Stock Exchanges.
A review of the 2015 results shows positive performance across all financial indices, reaffirming the Bank’s position as one of the most profitable and well-managed financial institutions in Nigeria.
The Group delivered an impressive profit before tax (PBT) of N120.7billion, an increase of N4.3billion or 3.7per cent over the N116.4billion reported in December 2014 and gross earnings of N301.9billion an increase of 8.4per cent from the N278.5billion recorded in the same period of 2014.
In terms of value creation for its shareholders, the Bank recorded pre-tax Return on average equity (ROAE) of 31per cent and Return on average assets (ROAA) of five per cent respectively.
The Bank’s balance sheet remained strong with 7.2per cent growth in Total Assets, from N2.36trillion in 2014 to N2.52trillion in the year under review. Loans to customers grew by 7.5per cent to close at N1.37trillion from N1.28trillion in 2014.
Despite the implementation of the Treasury Single Account (TSA) by the FGN, customer deposits remained relatively stable with a marginal year-on-year decline of 0.49per cent from N1.62trillion in 2014 to N1.61trillion in 2015.
The Bank continued to maintain a disciplined and prudent approach to loan growth in line with its Risk Management framework.
The Bank’s Non-Performing Loans (NPL) ratio remained low at 3.21per cent; up slightly from 3.15per cent in the comparative period of 2014.
Against this backdrop of strong financial showing, the Bank is proposing total-year dividend of N1.77kobo per share (inclusive of the 25kobo interim dividend paid at half year 2015).
Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Segun Agbaje, said that the Bank’s financial performance in 2015 is an indication that we have earned the loyalty of our customers and an attestation of the hard work and dedication of our staff, management and Board.
He further stated that “As a Bank, we will continue to actively partner with our customers and grow our business in a sustainable manner that is not only driven by profit objective but with an increased focus on empowering our customers with a view to growing Nigerian economy.
“Also, we remain committed to maximising shareholders’ value and delivering superior and sustainable returns whilst actively expanding our franchise in select, high growth African markets where we believe we have a competitive advantage.
“The Bank has continued to report the best financial ratios for a Financial Institution in the industry with a return on equity (ROE) of 31per cent and a cost to income ratio of 44.4 per cent evidencing the efficient management of the banks’ assets.