Nigeria?s most capitalised financial institution and leading tier one commercial bank- Guaranty Trust Bank (GTB) Plc recorded a pre-tax profit of N200 billion in 2017, prompting the board of the bank to recommend distribution of N79.5 billion as cash dividend to shareholders.
Key extracts of the audited report and accounts of GTB for the year ended December 31, 2017 released yesterday at the Nigerian Stock Exchange (NSE) showed that profit before tax rose by 21 per cent from N165.1 billion in 2016 to N200.2 billion in 2017. Profit after tax also increased from N132.28 billion in 2016 to N170.47 billion in 2017. Earnings per share improved to N6.03 in 2017 compared with N4.67 in 2016. Gross earnings had increased marginally from N414.6 billion in 2016 to N419.2 billion.
The balance sheet showed that the bank?s loan book dipped by 8.9 per cent from N1.59 trillion in 2016 to N1.449 trillion in 2017 while customer deposits increased by 3.8 per cent to N2.062 trillion in 2017 as against N1.986 trillion in 2016. Total assets and contingents grew by 3.9 per cent to N3.845 trillion in 2017 while shareholders? funds increased to N625.2 billion.
The board of directors of the bank has recommended payment of a final dividend of N2.40 per share to shareholders, in addition to interim dividend of 30 kobo per share, bringing total dividend per share for 2017 N2.70 per share.
Managing Director, Guaranty Trust Bank Plc, Mr. Segun Agbaje, said the immediate past year was a pivotal year for the bank as it was able to deliver a strong result in a challenging environment.
According to him, the bank achieved record growth in earnings, carefully managed cost margins and leveraged its digital-first customer-centric strategy to deliver world-class services that are simple, cheap and easily accessible.
?The result demonstrates the fundamental strength of our franchise as well as the progress we are making in transforming our organization into a platform on which our customers could build their businesses, connect with their consumers and access all the resources that they need to make their lives better,? Agbaje said.