23 August 2013
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Guaranty Trust Bank (Lagos)

GTBank Announces 2013 Half Year Audited Results - Reports Profit Before Tax of N57.36 Billion

press release

Guaranty Trust Bank plc has released its audited financial results for the half year ended June 30, 2013 to the Nigerian and London Stock Exchanges.

A review of the June 2013 result shows positive performance across all financial indices. Gross Earnings for the half year period of 2013 stood at N124.20 billion an increase of N10.68 billion from the N113.53 billion reported for the corresponding period in 2012. Profit Before Tax was N57.36 billion, up from N53.64 billion recorded in June 2012. The Bank reported a 2013 half year Profit After Tax of N49.01 billion an increase over the N45.55 billion reported in June 2012.

The Bank closed the half year ended June 2013 with Total Assets and Contingents of N2.50 trillion, customer deposits of N1.25 trillion and Shareholders' Funds of N296.95 Billion. The Bank's non-performing loans remained low at 3.32%. On the backdrop of this result, Return on Equity (ROAE) and Return on Assets (ROAA) closed at 33.78% and 5.45% respectively for period ended June, 2013. The Bank is proposing interim dividend payment of N7.36 billion to Shareholders (N0.25 per ordinary share of 50 kobo each).

Mr. Segun Agbaje, the Managing Director/CEO of Guaranty Trust Bank plc attributed the Bank's success during the half year period to the continued support of its customers, hard work of its dedicated staff and strong corporate governance standards.

According to Mr. Agbaje, a major objective for the Bank this year is adding value to its stakeholders through excellent customer service delivery, innovative products and value adding services. It is the Bank's beliefs that success on these fronts would enable it deepen its share of market across all sectors and improve profitability, despite today's extremely challenging business environment. He also thanked the customers for their loyalty and staff for their continued hard work and dedication.

Guaranty Trust Bank plc has always been at the forefront of industry service innovations in markets where it operates, having successfully replicated its culture for excellence in its subsidiaries in Ghana, Gambia, Sierra Leone, Liberia, Cote d'Ivoire and the UK. The Bank also recently commenced the process of acquiring a 70% stake in Fina Bank of Kenya to enable it extend its reach to East Africa. The acquisition, which is subject to customary regulatory approvals in Kenya, Nigeria, Rwanda and Uganda will see us expand our geographical footprint into three East African Countries; Kenya, Uganda and Rwanda.

Locally, the Bank's most recent service introductions includes; the GTBank social Banking platform; a service offering pioneered by GTBank which allows people on social networks such as Facebook commence banking relationships as well as perform basic banking transactions 24/7, safely and conveniently. Furthermore, the GT-Target account - an interest bearing non-transactional account for people saving towards particular projects was also introduced.

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