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Published On: Sun, Apr 20th, 2014

GTBank profit decline by 1.7% in Q1 2014

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Guaranty Trust Bank gtbank logoGuaranty Trust Bank Plc (GTBank) has announced a drop in its Profit before tax (PBT) of 1.7 per cent in the Q1 2014. According to the report released by the Nigeria Stock Exchange (NSE), its Profit before tax (PBT) declined from N28.491 billion in Q1 2013 to N28.006 billion in the review period of 2014.

Nevertheless, the bank’s gross earnings rose from N63.863 billion in the Q1 2013to stand t at N67.577 billion in the Q1 of 2014, this representing 5.8 per cent growth.

Also, Profit after tax (PAT) increased to N23.110billion in Q1 2014 as against N22.556 billion in the Q1 2013, this representing a growth of 2.5 per cent.

Meanwhile the bank approved a dividend payout of N170 per share for the financial year ended 31st December, 2013, payable to the banks shareholders whose names appeared in the banks register and this translates to a total dividend of N50 billion.

The N170 paid to the investors of the bank within this period under review represents an increase of 10 per cent over N1.55 paid in the previous year Addressing shareholders at the bank’s annual general meeting in Lagos, the Chairman, Mr Egbert Imomoh stated that the bank maintained the tempo of recording improved financial performance. He said “GTBank sustained its track record of delivery superior financial performance in the year under review, Group earning improved by 8.8 per cent to N242.6 billion from N223.6billion in 2012”, he said.

He equally stated that the bank’s Group cost containment strategies continued to yield rewarding result with only a 5.82 per cent growth in expense from N78.06 billion in 2012.

The bank, he said equally realized profit before tax of N107.09 billion, reflecting a 3.9 per cent growth, as against the N103.03 billion it was in 2012.

The bank’s loan book grew to N1.008 trillion in 2013, from N783.91 billion in the preceding year, while interest income stood at N185.38 billion in the year under review, as against the N170.30 billion

recorded the previous year.

He said that the management’s current drive is for sustainable efficiency in operations with an aim to achieve 40 per cent cost-to-income ratio by 2016,”

 

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