GTBank posts N101.1bn half-year profit

Guaranty Trust Bank Plc has reported a profit before tax of N101.1bn for the half-year ended June 30, 2017. The lender, listed on the Nigerian and London stock exchanges, reported positive growth across all key financial metrics and improved strategic positioning of the brand. Its gross earnings for the period grew by two per cent to N214.1bn from N209.9bn posted in June 2016, driven primarily by growth in investment securities income as well as income from risk assets. The bank’s profit before tax stood at N101.1bn, representing a growth of 18 per cent over N85.69bn recorded in the corresponding period of 2016. In a statement, the lender said its loan book dipped by six per cent from N1.59tn recorded as at December 2016 to N1.491tn in June 2017 and customer deposits decreased by one per cent to N1.966tn from N1.986tn in December 2016. The bank closed the half year ended June 2017 with total assets and contingents of N3.75tn and shareholders’ funds of N538bn. Thus, the bank’s return on equity and return on Assets stood at 38.8 per cent and 6.4 per cent, respectively, and it proposed an interim dividend of 30k per ordinary share of 50k each for period.