GTBank Records N99bn Profit After Tax, Declares N52bn Dividend

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Managing Director/CEO of Guaranty Trust Bank Plc, Mr. Segun Agbaje

Guaranty Trust Bank Plc on Monday became the first bank to release its financial performance for the year ended December 31, 2015. Contrary to great apprehension over likely poor bottom-line by banks due to headwinds in the financial sector, GTBank Plc ended the year with a higher profit and has recommended a final dividend of N1.52 per share.

GTBank posted gross earnings of N298.8 billion, showing an increase of 8.1 per cent compared with N276.4 billion in 2014. Net interest income grew by 12.3 per cent from N142.4 billion to N159.9 billion. As was expected, impairment charges grew by 74.8 per cent from N7.1 billion to N12.4 billion. Operation expenses were flat at N96.4 billion, compared with N94.7 billion in 2014.

Profit before tax rose marginally by 3.7 per cent to N120.7 billion from N116.4 billion, while profit after tax grew by 5.3 per cent to N99.4 billion, up from N91.4 billion.

The directors recommended a final dividend of N1.52 per share, having paid an interim dividend of 25 kobo, bringing the total dividend to N1.77 per share or N51.33 billion.

A further analysis of the results indicate that despite the implementation of the Treasury Single Account (TSA) by the federal government, the bank’s customer deposits remained relatively stable with a marginal decline from N1.62trillion in 2014 to N1.61trillion in 2015.

Commenting on the performance, the Managing Director/CEO of Guaranty Trust Bank Plc, Mr. Segun Agbaje said: “That the bank’s financial performance in 2015 is an indication that we have earned the loyalty of our customers and an attestation of the hard work and dedication of our staff, management and Board. The group has delivered a respectable Profit Before Tax of N120.7billion despite an extremely challenging business environment in 2015. As a bank, we will continue to actively partner with our customers and grow our business in a sustainable manner that is not only driven by profit objective, but with an increased focus on empowering our customers with a view to growing Nigerian economy. Also, we remain committed to maximising shareholders’ value and delivering superior and sustainable returns whilst actively expanding our franchise in select, high growth African markets where we believe we have a competitive advantage.”

  • RumuPHC

    PBT of N120.7bn or almost 46% on gross earnings!

    This is a fantastic feat by GTB under an economy that many have tagged to be in depression. It is either GTB is doing magic or the pundits are wrong on the state of Nigerian economy.

    I suppose it’s safe to assume the latter. Magic is illusion and this is difficult to create when payout is involved.

    Overall, the fundamentals of our economy are sound. It is only government revenue that has taken a great hit from depressed oil prices creating some macroeconomic imbalances in the polity. Proper management of fiscal issues should normalise the dislocation.

    Our economy is still a $570bn economy and it will take significant drop in GDP growth over a prolonged period for the economy to collaspe.

    GTB has only shown that it will take more than 70% fall in crude oil earnings to bring down Nigeria economy.

    PMB and other politicians should take note. What is required by government is creativity and a large dose of optimism and not poor leadership and plenty of lamentation.

  • AR

    GTB is the most fraudulent bank in Nigeria. They wiped my account through ATM fraud. Can they name the businesses they assisted to grow from where the, N99b stolen money they call profit was made? Avoiding GTB is the beginning of wisdom.

    • William Norris

      Depends on what you mean by AVOID. Everyone knows GTB is the best bank in Nigeria.

      Go and buy GTB shares so you too can enjoy their profits instead of complaining.

      Those profits also pay SALARIES for the thousands of people they employ.

      That’s what sensible people do. This is the time to buy Nigerian shares, now that the market has crashed.

      GTB will continue to thrive. There’s NOTHING you can do about it.

  • AR

    N99b by fraudulent practice?

  • vic

    FRAUDULENT BANKS MAKING UNFAIR AND OBSCENE PROFITS FROM THEIR CUSTOMERS ON CONTINUED FOREX FRAUD IN THE PARALLEL MARKET AND UNFAIR BANK CHARGES RIGHT UNDER THE NOSE OF LIKE-MINDED CBN GOVERNOR, GODWIN EMEFIELE AIDING AND ABETTING BANKING FRAUD IN COLLABORATION WITH THE MANAGING DIRECTORS OF THESE ROGUE BANKS.

    BUHARI NEEDS TO CHECK THE EXCESSIVE CHARGES BY THESE BANKS AND PROSECUTE CORRUPT DIRECTORS AND MANAGING DIRECTORS OF THESE BANKS FOR ILLEGAL FOREX ACTIVITIES IN THE PARALLEL MARKET.

  • MRnaijawantalk

    Professionalism @ work , Kudos to GT Bank Management for job well done.

    • vic

      thieves and forex fraudsters at work.

    • William Norris

      Leave the cry babies to continue crying while shareholders smile to the bank.

      As far as I know government sets the rules. GTB only adjust to the rules.