Guaranty Trust Bank plc has released its unaudited financial results for the first quarter ended March 31, 2015 to the Nigerian and London Stock Exchanges.
A review of the Q1 2015 results shows that the Bank continued on a strong growth trajectory, re-affirming its position as one of the most profitable and well managed financial institutions in Nigeria.
The Bank recorded a 17% growth in Gross Earnings to N79.02 Billion, from N67.58 Billion recorded in the comparative period of 2014, underpinned by strong growth in interest income and effective management of operating expenses and cost of risk. Profit Before Tax was N32.65 Billion, an increase of 17% from N28.01 Billion reported in Q1 2014. The Bank reported a Q1 2015 Profit After Tax of N26.56 Billion an increase of 15% over the N23.11 Billion reported in Q1 2014.
The Bank closed Q1 2015 with Total Assets and Contingents of N3.15 Trillion, customer deposits of N1.69 Trillion and Shareholders’ Funds of N357.59 Billion. The Bank’s non-performing loans improved to 3.06% from 3.40% in the comparative period of Q1 2014 whilst the loan book grew by 28% to close at N1.30 Trillion in Q1 2015, from N1.02 Trillion in Q1 2014. The Bank also reported a post-tax ROAE of 29.03% and ROAA of 4.39% respectively.
Commenting on the financial results, Segun Agbaje, the Managing Director and Chief Executive Officer of Guaranty Trust Bank plc stated that “a major focus for the Bank this year is to strengthen market positions with distinctive customer propositions in chosen segments in order to deliver long-term sustainable and efficient growth as well as strong shareholder returns”.
As a financial institution with a bias for industry leadership, exceptional service delivery and innovation, Guaranty Trust Bank plc has experienced tremendous growth since its inception in Nigeria in 1990 with business outlays spanning Anglophone and Francophone countries of West Africa, East African and the United Kingdom. The Bank presently employs over 10,000 peoples in Cote d’Ivoire, Kenya, Gambia, Ghana, Liberia, Sierra Leone, Rwanda, Uganda and the United Kingdom.