Guaranty Trust Bank plc during the week released its audited financial results for the half year ended June 30, 2019 to the Nigerian and London Stock Exchanges.
The tier one bank reports a profit before Tax of ₦N115.8 billion, representing a growth of 5.6% over ₦N109.6 billion recorded in the corresponding period of 2018.
Speaking on the financial results, the Chief Executive Officer of Guaranty Trust Bank plc, Segun Agbaje, said; “We have delivered a good result in spite of a challenging market, characterised by varying degrees of uncertainty and a rapidly changing competitive landscape.
Our strong financial performance is underpinned by our unwavering focus on delivering value for our shareholders and re-imagining the role we play in our customers’ lives,” he stated
Within this period, the bank’s loan book grew by 1.0% from N₦1.262 trillion recorded as at December 2018 to ₦N1.274 trillion in June 2019 and customer deposits increased by 6.3% to ₦N2.418 trillion from N₦2.274 trillion in December 2018.
The bank closed the half year ended June 2019 with Total Assets of ₦N3.598 trillion and Shareholders’ Funds of ₦N603.0 billion.
In terms of Asset quality, NPL ratio and Cost of Risk improved to 6.8% and 0.2% in June 2019 from 7.3% and 0.3% in December 2018 respectively.
Overall, asset quality remains stable with adequate coverage of 84.7%, while Capital remains strong with CAR of 23.5%.
The bank has proposed an interim dividend of 30kobo per ordinary share of 50 kobo each for period ended June 30, 2019.
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