Search
Thursday 19 July 2018
  • :
  • :

GTBank lauded on financial performance

Shareholders commend GTBank Management

By Nsikan Ikpe

 

Shareholders of Guaranty Trust Bank Plc have commended the management of the bank for their strong financial performance during the financial year ended December, 31 2017.

The bank paid a final dividend of N2.40 kobo per unit of ordinary share held by shareholders in addition to an interim dividend of 30 kobo per unit of ordinary share, bringing the total dividend payable for the 2017 financial year to N2.70 kobo per unit of ordinary share.

Equally impressive is the fact that the company’s gross earning for the year 2017 grew by 1.1 percent to N419.2 billion from N414.6 billion compared to previous year 2016.

This was even as profit before taxnow rose to N2002.2 billion, and amounting to a significant growth of 21.3 percent over the N165.1 billion recorded in 2016 financial year.

Operationally, the bank’s loans book dipped by 8.9 percent from 1.5 trillion as at December 2016 to N1.449 trillion in December 2017 while customer deposits increased by 3.8 percent to N2.062 trillion from N1.986 trillion in December 2016.

Fittingly also, the bank’s balance sheet remained strong with a 3.9 percent growth in total assets and contingents as the bank closed the year ended December 2017 with total assets and contingents of N3.845 trillion and shareholder’s funds of  N625.2 billion.

Speaking at the 38th Annual General Meeting (AGM), of  company,  the Managing Director, Segun Agbaje, expressed optimism, stated that the bank would continue to embark on effective strategic business activities that would promote a sustainable profit.

‘We consolidate our position as one of the most efficient and profitable bank in Africa, with focused on transforming our organization into a platform through which our customers can build their business and have access to GTBank facilities.’

Agbaje also disclosed that 2017 commemorate 10 years anniversary of the bank listing on the London Stock Exchange.

‘We became the first Nigeria Company to raise international capital using listed global depositary receipt. We will continue to build and transform our bank into a single integrated platform.  In 2017, we held the second edition of the GTBank food and drink fair that brought together no fewer than 160,000 people to patronize over 133 small businesses in the food sector.’

To its credit in 2107 also, the bank also held GTBank fashion weekend which attracted over 120,000 participants to encourage small businesses in fashion industry.

“GTBank food and drink and fashion weekend have become major events in GTBank calendars of our customers and non-customers across the country,” the CEO enthused.

Speaking also was the company’s  Chairman, Mrs Osaretin Demuren, who maintained that the bank would continue to grow its revenue and recorded a significant increase for the interest of shareholders.

In describing the financial performance of  the Bank  as a most welcome one, Demuren also revealed that GTBank (U.K) limited grew its profit significantly by 163 percent from N0.35 billion in 2016 to N0.93 billion in 2017, with total assets also remaining strong; and recording a 38.0 percent growth as its composite figures moved from N148.4 billion in 2016 to N204.8 billion in 2017.

 

Comments

comments




Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.