GTBank Announces Full Year 2017 PBT Of N200.24Billion
Guaranty Trust Bank ( GTB) has reaffirmed itself as one of the most profitable and well managed financial institutions in Nigeria as it’s gross earnings year 2017 grew by 1.1%, ?419.2billion from ?414.6billion reported in December 2016.
In its audited financial results for the year ended December 31, 2017, to the Nigerian and London Stock Exchanges, the Bank reported that the earnings were driven primarily by growth in interest income, as well as e-payment revenues.
According to the report, “Profit before tax stood at ?200.2billion, representing a growth of 21.3% over ?165.1billion recorded in the corresponding year ended December 2016.
“The Bank’s loan book dipped by 8.9% from ?1.590trillion recorded as at December 2016 to ?1.449trillion in December 2017 while customer deposits increased by 3.8% to ?2.062trillion from ?1.986trillion in December 2016”.
Commenting on the financial results, the Managing Director/CEO of GTB plc, Mr. Segun Agbaje stated that year 2017 was a pivotal year for the bank as it delivered a strong result in a challenging environment, thus, achieving record growth in earnings, carefully managing cost margins and leveraging it’s 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”, he added.