GTB records N200bn profit

Guaranty Trust Bank (GTB) Plc, grew its profit before tax by 21 per cent to N200.2 billion in 2017.

The board of the bank has recommended payment of N79.5 billion to shareholders, representing total dividend per share of N2.70.

A review of the results for the year ended December 31, 2017 showed that gross earnings for the year grew by 1.1 per cent to N419.2 billion from N414.6 billion reported in 2016; driven primarily by growth in interest income as well as e-payment revenues. Profit before tax stood at N200.2 billion, representing a growth of 21.3 per cent over N165.1 billion recorded in 2016.

Read also: AfDB releases regional economic outlook for Africa

The bank’s loan book dipped by 8.9 per cent from N1.590 trillion in 2016 to N1.449 trillion in 2017 while customer deposits increased by 3.8 per cent to N2.062 trillion from N1.986 trillion in December 2016. The bank’s balance sheet remained strong with a 3.9 per centgrowth in total assets and contingents N3.845 trillion in 2017 while shareholders’ funds stood at N625.2 billion.

Managing Director, Guaranty Trust Bank, Mr. Segun Agbaje, said2017 was a pivotal year for the bank.

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