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GTBank declares final dividend of N2.40 per share in 2017

By myvictoryb

Guaranty Trust Bank Plc on Wednesday declared a final dividend of N2.40 per share to its shareholders for the financial year ended Dec. 31, 2017.

The bank said in a statement in Lagos that the dividend would bring the total dividend to N2.70 against N2 paid by the bank in the corresponding period of 2016.

According to the bank, the dividend will be approved by shareholders at the annual general meeting on April 10.

During the period under review the bank

posted a profit after tax of N170. 45 billion against N132.28 billion declared in 2016, representing an increase of 28.86 percent.

The profit before tax stood at ₦200.2 billion, representing a growth of 21.3 percent over ₦165.1 billion recorded in the corresponding year.

Its gross earnings rose by 1.1 percent to ₦419.2 billion from ₦414.6 billion reported in the December 2016; driven primarily by growth in interest income as well as e-payment revenues.

The bank’s loan book dipped by 8.9 percent to N1.45 trillion from ₦1.59 trillion in 2016, while customer deposits increased by 3.8 percent to ₦2.06 trillion from ₦1.99 trillion in December 2016.

The bank’s balance sheet remained strong with a 3.9 percent growth in total assets and contingents, having closed the year with total assets and contingents of ₦3.85 trillion and shareholders’ funds of ₦625.2 billion.

Its non-performing loan ratio increased to 7.7 percent in December 2017 from 3.7 percent in December 2016 due to a single exposure within the Nigerian Telecommunication Industry.

Commenting on the financial results, Mr Segun Agbaje, the bank’s Managing Director, said that 2017 was a pivotal year for the bank.

Agbaje said that the bank delivered a strong result in a challenging environment with record growth in earnings.

“We delivered a strong result in a challenging environment; achieving record growth in earnings, carefully managing cost margins and leveraging our digital-first customer-centric strategy to deliver world-class services that are simple, cheap and easily accessible,” he said.

The managing director said that the result demonstrated the fundamental strength of its franchise as well as the progress made in transforming the organisation into a platform on which customers could build their businesses.

“GTBank has continued to report the best financial ratios in the industry as revealed by its return on equity (ROE) of 35.4 percent and cost to income ratio of 38.1per cent evidencing the efficient management of assets and operational efficiency.

“Overall, the bank has enshrined its position as a clear leader in the industry.

“In recognition of its innovation and hard work, the bank received over 20 international awards in 2017,” he said.

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