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GTBank declares N7.35b interim dividend

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In from Success Allantee ….
The board of directors of Guaranty Trust Bank Plc has earmarked N7.35 billion as interim cash dividends as the bank released its audited report for the first half ended June 30, 2015.
In the dividend recommendation, shareholders would receive a dividend per share of 25 kobo. The six-month report showed that gross earnings increased by 15% to N152.99 billion from N132.98 billion recorded in the same period of 2014. Despite the tight monetary environment and regulatory headwinds faced by the banking industry, the bank recorded profit after tax of N53.37 billion, representing 21% increase from N44.01 billion posted in the prior period.
The growth in bottom-line was driven by interest and other operating income. Interest income grew by 12% to N80.11 billion, while the investment and other operating income contributed an increase of 18%, rising to N38.02 billion from N32.30 billion in prior period.

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There was an increase in operating expenses by 9% to N49.07 billion from N45.12 billion which was slower than the growth in operating income. Net interest income rose by 12% to N80.11 billion from N71.56 billion.
Growth of loans and advances was however moderated as it only grew by 1% to N1.299 trillion from N1.281 trillion. The loan loss expenses grew by 11% to N5.95 billion from N5.33 billion in prior period. The Bank recorded an increase of 5% in deposits to N1.725 trillion from N1.649 trillion owing to the tight operating environment with loan-to-deposit ratio of 75.3%.
Shareholders’ funds increased marginally by 3% to N384.99 billion from N374.33 billion due to accretion in profit. Total assets increased by 8% to N2.544 trillion from N2.355 trillion in the same period of 2014. Earnings per share grew by 22% to N1.88k from N1.55k

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