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.”