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1st Quarter Results

17 Apr 2019 16:06

RNS Number : 5383W
Guaranty Trust Bank PLC
17 April 2019
 

Guaranty Trust Bank Plc

 

UNAUDITED Q1 GROUP RESULTS FOR THE QUARTER ENDED MARCH 31, 2019: DECLARES A PBT OF N57.0BILLION

 

Lagos Nigeria - April 17, 2019 - Guaranty Trust Bank Plc ("GTBank"), (Bloomberg: GUARANTY:NL/Reuters: GUARANT.LG), provider of diversified financial services, announces its unaudited Financial Results for the quarter ended 31 March 2019 and declares a PBT of N57.0bn.

 

Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr. Segun Agbaje, said; "the structure of the Balance sheet continued to give us the cutting edge needed to deliver strong results in a challenging environment; achieving impressive showing 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 further stated that "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 financial lives better."

 

 

Financial Highlights

 

· Strong Earnings

- Profit before tax of N57.0bn (31 March 2018 N52.6bn) an increase of 8.3%.

- Profit after tax improved to N49.3bn from N44.7bn of 31 March 2018

- Earnings per share of 174kobo compared to 158kobo per share of 31 March 2018

 

· Revenue

- Interest Income of N74.5bn (31 March 2018: N80.8bn) down 7.8% as a result of 10.1% dip in interest income on loans and advances and 10.8% drop in interest income on fixed income securities.

 

- Non-Interest Income of N35.8bn (31 March 2018: N28.2bn) up 27.1% largely as a result of 21.9% growth in fee and commission income, as well as growth in other Income comprising recoveries, discounts, rebate commissions & mark to market gains on trading investments.

 

- Net interest margin remained strong at 9.9% (31 March 2018: 10.1%).

 

· Balance Sheet

- Total assets of N3.556trn (31 December 2018: N3.287trn) up 8.2%

- Net loans and advances of N1.282trn (31 December 2018: N1.262trn) up 1.6%.

- Deposits from customers of N2.410trn (31 December 2018: N2.274trn) up 6.0%.

 

· Credit Quality

- Non-performing loans to total loans improved to 7.0% from 7.3% as at 31 December 2018.

- Coverage for Lifetime Credit Impaired Loans at 90.1% (31 December 2018: 105.1%)

- Cost of Risk at 0.05% (31 Dec 2018: 0.3%).

 

· Continued focus on efficiency

- Cost to income of 38.6% (31 March 2018: 38.5%) due to improved revenue growth and continuous implementation of cost cutting initiatives.

 

· Subsidiaries

- Contribution to PBT from subsidiaries increased to 15.3% from 11.3% in March 2018.

 

 

 

March 2019 Financial Analysis and Ratios

 

Key Financials (N' billion)

Q1-2019

Q1-2018

∆%

Interest Income

74.5

80.8

-7.8%

Net Interest Income

58.2

59.7

-2.5%

Operating Income

92.9

85.5

8.6%

Operating expenses

35.9

32.9

9.1%

Profit before tax

57.0

52.6

8.3%

Profit After Tax

49.3

44.7

10.4%

Earnings per share (in Naira)

1.7

1.6

10.2%

 

 

 

 

 

Q1-2019

FY-2018

∆%

Total Assets

3,555.9

3,287.3

8.2%

Net Loans

1,281.6

1,262.0

1.6%

Total Deposits

2,513.3

2,356.7

6.6%

 

 

 

 

 

 

Key Ratios

Q1-2019

Q1-2018

ROAE(post-tax)

32.8%

30.8%

ROAA(post-tax)

5.8%

5.2%

ROAE (pre-tax)

37.9%

36.3%

ROAA (pre-tax)

6.7%

6.1%

Net interest margin

9.9%

10.1%

Cost-to-income ratio

38.6%

38.5%

 

 

 

 

Q1-2019

FY-2018

Loans to deposits

51.0%

53.5%

Liquidity ratio

47.7%

41.4%

Capital adequacy ratio

22.3%

23.4%

NPL/Total Loans

7.0%

7.3%

Cost of risk

0.05%

0.3%

Coverage (with Reg. Risk Reserves)

90.1%

105.1%

 

 

 

17 April 2019

 

Enquiries:

 

Oyinade Adegite, Head Corporate Communication +234 1 2715227

oyinade.ogunade@gtbank.com

 

Golden Nwaiwu, Investor Relations +234 1 4484156

ir@gtbank.com

 

 

 

Notes to the Editors:

 

Guaranty Trust Bank is a diversified financial services company with N3.556trillion in assets, providing commercial banking services through 225 local branches, 75 e-branches & GTExpress locations, 1,317 ATMs, our international subsidiary offices and the Internet (gtbank.com).

 

The Group operates as one of the leading Nigerian banks offering a wide range of commercial banking services and products throughout Nigeria, West and East African sub-regions as well as the United Kingdom. The Bank is rated B and B+ by S&P and Fitch respectively, a reflection of the Bank's stability and reputation of being a well-established franchise with strong asset quality and consistent excellent financial performance.

 

The Bank has ten bank subsidiaries/sub-subsidiaries established outside of Nigeria -

1) Guaranty Trust Bank (Gambia) Limited ("GTB Gambia"),

2) Guaranty Trust Bank (Sierra Leone) Limited ("GTB Sierra Leone"),

3) Guaranty Trust Bank (Ghana) Limited ("GTB Ghana"),

4) Guaranty Trust Bank (Liberia) Limited ("GTB Liberia"),

5) Guaranty Trust Bank (United Kingdom) Limited ("GTB UK")

6) Guaranty Trust Bank (Cote D'Ivoire) ("GTB Cote D'Ivoire"),

7) Guaranty Trust Bank (Kenya) Limited ("GTB Kenya"),

8) Guaranty Trust Bank (Rwanda) Limited ("GTB Rwanda"),

9) Guaranty Trust Bank (Uganda) Limited ("GTB Uganda")

10) Guaranty Trust Bank (Tanzania) Limited ("GTB Tanzania").

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
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