16 Apr 2015 08:52
Guaranty Trust Bank Plc
Statement to the Nigerian Stock Exchange and the Shareholders on the extract of unaudited IFRS results for the three months ended 31 March 2015
The Board of Directors of Guaranty Trust Bank Plc is pleased to announce the Group's unaudited results for the three months ended 31 March 2015.
Income Statements for the period ended 31 March 2015 | Group Mar 2015 | Group Mar 2014 |
| Group Dec 2014 |
| Parent Mar 2015 |
| Parent Mar 2014 |
| Parent Dec 2014 | |
| N'million | N'million |
| N'million |
| N'million |
| N'million |
| N'million | |
Interest income | 54,951 | 48,528 |
| 200,608 |
| 49,437 |
| 43,730 |
| 179,984 | |
Interest expense | (15,788) | (13,790) |
| (58,211) |
| (13,958) |
| (12,227) |
| (51,285) | |
Net interest income | 39,163 | 34,738 |
| 142,392 |
| 35,479 |
| 31,503 |
| 128,699 | |
Loan impairment charges | (3,526) | (1,276) |
| (7,098) |
| (3,502) |
| (1,114) |
| (6,184) | |
Net interest income after loan impairment charges | 35,637 | 33,462 |
| 135,294 |
| 31,977 |
| 30,389 |
| 122,515 | |
Fee and commission income | 12,430 | 12,368 |
| 47,970 |
| 10,625 |
| 10,672 |
| 40,945 | |
Fee and commission expense | (864) | (638) |
| (2,114) |
| (775) |
| (552) |
| (1,748) | |
Net fee and commission income | 11,566 | 11,730 |
| 45,856 |
| 9,850 |
| 10,120 |
| 39,197 | |
Net gains/(losses) on financial instruments classified as held for trading | 11,579 | 6,299 |
| 28,274 |
| 10,586 |
| 5,539 |
| 24,105 | |
Other income | 54 | 382 |
| 1,674 |
| 37 |
| 333 |
| 3,974 | |
Net impairment reversal on financial assets | - | - |
| (274) |
| - |
| - |
| (274) | |
Personnel expenses | (6,715) | (6,612) |
| (27,442) |
| (5,088) |
| (5,109) |
| (21,037) | |
General and administrative expenses | (7,335) | (6,234) |
| (26,136) |
| (6,576) |
| (5,458) |
| (22,237) | |
Operating lease expenses | (368) | (244) |
| (913) |
| (177) |
| (160) |
| (561) | |
Depreciation and amortization | (3,117) | (2,732) |
| (12,152) |
| (2,727) |
| (2,572) |
| (10,590) | |
Other operating expenses | (8,648) | (8,045) |
| (27,795) |
| (7,631) |
| (7,055) |
| (24,724) | |
Profit before income tax | 32,653 | 28,006 |
| 116,386 |
| 30,251 |
| 26,027 |
| 110,368 | |
Income tax expense | (6,089) | (4,896) |
| (17,691) |
| (5,143) |
| (4,425) |
| (16,936) | |
Profit for the period from continuing operations | 26,564 | 23,110 |
| 98,695 |
| 25,108 |
| 21,602 |
| 93,432 | |
Profit for the period from discontinued operations | - | - |
| - |
| - |
| - |
| - | |
Profit for the period | 26,564 | 23,110 |
| 98,695 |
| 25,108 |
| 21,602 |
| 93,432 | |
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Profit attributable to: |
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Equity holders of the parent entity | 26,372 | 22,863 |
| 97,997 |
| 25,108 |
| 21,602 |
| 93,432 | |
Non-controlling interests | 192 | 247 |
| 698 |
| - |
| - |
| - | |
| 26,564 | 23,110 |
| 98,695 |
| 25,108 |
| 21,602 |
| 93,432 |
Statements of comprehensive income for the period ended 31 March 2015 | Group Mar 2015 |
| Group Mar 2014 |
| Group Dec 2014 |
| Parent Mar 2015 |
| Group Mar 2014 |
| Group Dec 2014 |
| N'million |
| N'million |
| N'million |
| N'million |
| N'million |
| N'million |
Profit for the period | 26,564 |
| 23,110 |
| 98,695 |
| 25,108 |
| 21,602 |
| 93,432 |
Other comprehensive income not to be reclassified to profit or loss in subsequent periods: |
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- Actuarial gains and losses | - |
| - |
| (796) |
| - |
| - |
| (796) |
- Income tax relating to actuarial gains and losses | - |
| - |
| 239 |
| - |
| - |
| 239 |
| - |
| - |
| (557) |
| - |
| - |
| (557) |
Other comprehensive income to be reclassified to profit or loss in subsequent periods: |
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- Foreign currency translation differences for foreign operations | 236 |
| (3,295) |
| (1,452) |
| - |
| - |
| - |
- Income tax relating to Foreign currency translation differences for foreign operations | (71) |
| 989 |
| 435 |
| - |
| - |
| - |
- Net change in fair value of available for sale financial assets | 962 |
| (377) |
| (4,601) |
| 1,240 |
| (184) |
| (4,711) |
- Income tax relating to net change in fair value of available for sale financial assets | (288) |
| 113 |
| 1,720 |
| (372) |
| 55 |
| 1,753 |
| 839 |
| (2,570) |
| (3,898) |
| 868 |
| (129) |
| (2,958) |
Other comprehensive income for the period, net of tax | 839 |
| (2,570) |
| 4,455 |
| 868 |
| (129) |
| (3,515) |
Total comprehensive income for the period | 27,403 |
| 20,540 |
| 94,240 |
| 25,976 |
| 21,473 |
| 89,917 |
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Profit attributable to: Equity holders of the parent entity | 27,035 |
| 20,470 |
| 93,358 |
| 25,976 |
| 21,473 |
| 89,917 |
Non-controlling interests (total) | 368 |
| 70 |
| 882 |
| - |
| - |
| - |
Total comprehensive income for the period | 27,403 |
| 20,540 |
| 94,240 |
| 25,976 |
| 21,473 |
| 89,917 |
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Earnings per share for the profit from continuing operations attributable to the equity holders of the parent entity during the period (expressed in naira per share): |
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- Basic | 0.94 |
| 0.81 |
| 3.47 |
| 0.85 |
| 0.73 |
| 3.17 |
- Diluted | 0.94 |
| 0.81 |
| 3.47 |
| 0.85 |
| 0.73 |
| 3.17 |
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Total impaired Loans and Advances (N'million) | 40,885 |
| 35,348 |
| 41,309 |
| 32,942 |
| 27,707 |
| 32,616 |
Total impaired Loans and Advances to Loans and Advances (%) | 3.06% |
| 3.40% |
| 3.15% |
| 2.67% |
| 2.90% |
| 2.70% |
|
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Gross Earnings | 79,014 |
| 67,577 |
| 278,521 |
| 70,685 |
| 60,274 |
| 249,008 |
Key Ratios | Mar-15 | Mar-14 | |
ROE (Post tax) | 29.03% | 26.98% | |
ROA (Post tax) | 4.39% | 4.29% | |
Net interest margin | 8.21% | 8.30% | |
Cost-to-income ratio | 44.50% | 46.01% | |
Loans to deposits | 77.02% | 68.18% | |
Liquidity ratio | 42.74% | 46.31% | |
Capital adequacy ratio - Basel II | 23.34% | 23.63% | |
NPL/Total Loans | 3.06% | 3.40% | |
Cost of risk | 0.27% | 0.12% | |
Coverage (with Reg. Risk Reserves) | 153.40% | 120.86% |
To view the full results please visit www.gtbank.com
Enquiries:
GTBank | |
Muyiwa Teriba, Head, Investor Relations ir@gtbank.com
| +234-1-4484156 |
Lola Odedina, Head, Communications & External Affairs | +234-1-2715227 |
Oyinade Adegite cea@gtbank.com
| |
Instinctif Partners | +44 20 7457 2020 |
Tony Friend | |
Ross Gillam |