5 May 2009 11:30
This announcement is in addition to the announcement at 1.30pm on 24 April, RNS number 1378R.
Please note that the figures reported on 24 April were in Nigerian GAAP and the attached figures are reported under IFRS.
Guaranty Trust Bank
Final results for the 10 months ended 31 December 2008
Consolidated balance sheet
As at 31 December 2008
| December | February | ||
| In thousands of Nigerian Naira | Notes | 2008 | 2008 |
| Assets | |||
| Cash and cash equivalents | 4, 18 | 274,633,776 | 110,594,499 |
| Non pledged trading assets | 7, 19 | 20,230,784 | 156,880,152 |
| Pledged assets | 7, 20 | 55,738,491 | 91,128,364 |
| Derivative assets held for risk management | 7, 11 | 4,617,841 | 2,332,281 |
| Loans and advances to banks | 4, 7, 21 | 34,364 | 8,166 |
| Loans and advances to customers | 4, 7, 22 | 421,773,158 | 291,341,275 |
| Investment securities | 4, 7, 23 | 110,198,995 | 9,923,743 |
| Trading properties | 24 | 15,085,846 | 12,062,730 |
| Property and equipment | 25 | 34,963,335 | 29,582,942 |
| Intangible assets | 26 | 2,232,974 | 2,091,238 |
| Deferred tax assets | 27 | 36,847 | 20,649 |
| Other assets | 28 | 23,572,417 | 26,687,388 |
| Total assets | 963,118,828 | 732,653,427 | |
| Liabilities | |||
| Deposits from banks | 4, 7, 29 | 62,989,263 | 75,655,473 |
| Deposits from customers | 4, 7, 30 | 469,249,902 | 373,727,004 |
| Debt securities issued | 4, 7, 31 | 50,102,687 | 40,698,171 |
| Current tax liabilities | 9,484,919 | 5,851,198 | |
| Deferred tax liabilities | 27 | 3,646,484 | 1,992,477 |
| Other liabilities | 32 | 172,386,015 | 57,675,150 |
| Other borrowed funds | 4, 7, 33 | 14,221,064 | 15,401,436 |
| Total liabilities | 782,080,334 | 571,000,909 | |
| Equity | |||
| Share capital and share premium | 35 | 126,538,065 | 125,916,273 |
| Retained earnings | 35 | 13,635,667 | 4,597,359 |
| Other reserves | 36,822,637 | 27,803,811 | |
| Total equity attributable to equity holders of the Bank | 176,996,369 | 158,317,443 | |
| Non controlling interest | 35 | 4,042,125 | 3,335,075 |
| Total equity | 181,038,494 | 161,652,518 | |
| Total liabilities and equity | 963,118,828 | 732,653,427 | |
The notes are an integral part of these consolidated financial statements and are available as a PDF by pasting the following link into your browser:
http://www.rns-pdf.londonstockexchange.com/rns/6799R_-2009-5-5.pdf
Consolidated income statement
For the period ended 31 December 2008
| 31 December | 29 February | ||
| In thousands of Nigerian Naira | 2008 | 2008 | |
| Notes | 10 months | 12 months | |
| Interest income | 8 | 71,733,888 | 54,167,811 |
| Interest expense | 8 | (22,358,280) | (18,804,917) |
| Net interest income | 49,375,608 | 35,362,894 | |
| Fee and commission income | 9 | 20,830,453 | 17,755,661 |
| Net trading income | 10 | 6,721,973 | 6,085,959 |
| Net income from other financial instruments carried | |||
| at fair value | 2,684,703 | 2,332,281 | |
| Other operating income/(expenses) | 12 | 1,597,773 | (1,305,114) |
| Premium from insurance contracts | 4,037,112 | 1,851,440 | |
| Premium ceded to re-insurers | (1,583,973) | (681,388) | |
| 34,288,041 | 26,038,839 | ||
| Operating income | 83,663,649 | 61,401,733 | |
| Net impairment loss on financial assets | 13 | (4,221,682) | (1,526,685) |
| Personnel expenses | 14 | (12,751,408) | (11,064,478) |
| Operating lease expenses | (661,414) | (434,009) | |
| Claims and benefits incurred on insurance contracts | (797,725) | (362,741) | |
| Depreciation and amortisation | (3,976,597) | (3,644,466) | |
| Other operating expenses | 15 | (23,620,137) | (17,223,930) |
| Profit before income tax | 37,634,686 | 27,145,424 | |
| Income tax expense | 16 | (7,720,982) | (6,454,919) |
| Profit for the period | 29,913,704 | 20,690,505 | |
| Attributable to: | |||
| Equity holders of the Bank | 29,206,701 | 20,321,475 | |
| Non-controlling interest | 707,003 | 369,030 | |
| 29,913,704 | 20,690,505 | ||
| Basic earnings per share (Naira) | 17 | 1.96 | 1.63 |
The notes are an integral part of these consolidated financial statements and are available as a PDF by pasting the following link into your browser:
http://www.rns-pdf.londonstockexchange.com/rns/6799R_-2009-5-5.pdf
Consolidated statement of recognised income and expense
For the period ended 31 December 2008
| December | February | |||
| In thousands of Nigerian Naira | Notes | 2008 | 2008 | |
| 10 months | 12 months | |||
| Foreign currency translation differences for foreign operations | (30,598) | (296,604) | ||
| Net change in fair value of available for sale investments recognised in equity | 475,161 | (116,398) | ||
| Taxation on items recognised directly in equity | 27 | (148,091) | 34,919 | |
| Income and expense recognised directly in equity | 296,472 | (378,083) | ||
| Profit for the period | 29,913,704 | 20,690,505 | ||
| Total recognised income and expense for the period | 35 | 30,210,176 | 20,312,422 | |
| Attributable to: | ||||
| Equity holders of the Bank | 29,503,173 | 19,943,392 | ||
| Non-controlling interest | 707,003 | 369,030 | ||
| Total recognised income and expense for the period | 30,210,176 | 20,312,422 | ||
The notes are an integral part of these consolidated financial statements and are available as a PDF by pasting the following link into your browser:
http://www.rns-pdf.londonstockexchange.com/rns/6799R_-2009-5-5.pdf
Consolidated statement of cash flows
For the period ended 31 December 2008
| December | February | |||
| In thousands of Nigerian Naira | Notes | 2008 | 2008 | |
| Cash flows from operating activities | ||||
| Profit for the period | 29,913,704 | 20,690,505 | ||
| Adjustments for: | ||||
| Depreciation of property and equipment and amortisation | 25, 26 | 3,976,597 | 3,644,466 | |
| (Gain)/loss on disposal of property and equipment | (37,382) | (82,410) | ||
| Impairment on financial assets | 4,221,682 | 1,526,685 | ||
| Foreign exchange gains | 12 | (1,377,423) | 1,646,591 | |
| Interest paid on borrowings and finance lease | 2,465,769 | 3,111,091 | ||
| Income tax expense | 16 | 7,720,982 | 6,454,919 | |
| 46,883,929 | 36,991,847 | |||
| Change in trading assets | 135,919,452 | (149,910,193) | ||
| Change in pledged assets | 35,634,850 | (35,595,624) | ||
| Change in derivative assets | (2,285,560) | (2,332,281) | ||
| Change in loans and advances to banks and customers | (134,674,398) | (175,927,389) | ||
| Change in other assets | 2,874,817 | 4,887,832 | ||
| Change in deposits from banks | (12,666,210) | 41,395,925 | ||
| Change in deposits from customers | 95,522,898 | 64,559,652 | ||
| Change in other liabilities | 114,879,353 | 34,262,906 | ||
| 282,089,131 | (181,667,325) | |||
| Interest and dividends received | - | 338,762 | ||
| Income tax paid | (2,597,543) | (2,103,103) | ||
| Net cash provided by/(used in) operating activities | 279,491,588 | (183,431,666) | ||
| Cash flows from investing activities | ||||
| Net sale/(purchase) of investment securities | (100,866,736) | 122,370,268 | ||
| Finance lease repayments | (507,112) | (588,243) | ||
| Purchase of property and equipment | 25 | (8,713,159) | (15,438,239) | |
| Proceeds from the sale of property and equipment | 134,035 | 356,837 | ||
| Purchase of intangible assets | 26 | (614,381) | (1,112,959) | |
| Purchase of trading properties | 24 | (3,023,116) | (12,062,730) | |
| Net cash provided by/(used in) investing activities | (113,590,469) | 93,524,934 | ||
| Cash flows from financing activities | ||||
| Increase in debt securities issued | 31 | 1,526,891 | (4,269,611) | |
| Repayment of long term borrowings | (6,227,362) | (3,697,155) | ||
| Increase in long term borrowings | - | 4,154,686 | ||
| Net proceeds from issue of GDR | - | 99,524,345 | ||
| Purchase of own shares net of exercise of share options | 35 | - | (719,134) | |
| Dividends paid | 35 | (9,253,203) | (7,122,620) | |
| Increase in non-controlling interest | - | 304,514 | ||
| Net cash provided (used in)/by financing activities | (13,953,674) | 88,175,025 | ||
| Net increase / (decrease) in cash and cash equivalents | 151,947,445 | (1,731,707) | ||
| Cash and cash equivalents at beginning of period | 110,594,499 | 112,321,378 | ||
| Effect of exchange rate fluctuations on cash held | 12,091,832 | 4,828 | ||
| Cash and cash equivalents at end of period | 18 | 274,633,776 | 110,594,499 | |
The notes are an integral part of these consolidated financial statements and are available as a PDF by pasting the following link into your browser:
http://www.rns-pdf.londonstockexchange.com/rns/6799R_-2009-5-5.pdf
Enquiries:
| GTBank | +234-1-2714591 |
| Lola Odedina, Head, Communications & External Affairs | |
| Pascal Or | |
| College Hill | +44 20 7457 2020 |
| Richard Pearson | |
| Peter Pantlin |
Notes to editors
The Group operates as one of the leading Nigerian banks offering a wide range of financial services and products throughout Nigeria and in the West African sub-region. According to the most recently published audited financial statements of Nigerian banks prepared in accordance with Nigerian GAAP, among Tier 1 banks in Nigeria as identified by Agusto & Co., the Bank is the most profitable bank measured in terms of return on assets, the most efficient bank measured in terms of cost to income, has the second best asset quality measured in terms of non-performing loan ratio and, among all banks in Nigeria, the Bank is the sixth largest bank in terms of total assets.
Historically, the Group has focused its business on large- and medium-size corporate clients. However, the economic reforms that followed Nigeria's return to democracy in 1999 led to an increase in liquidity of retail customers and a corresponding increase in demand by such customers for banking services. As a consequence, since 2005, the Group has placed an increasing emphasis on building its retail business. Initially the Group targeted only high-end retail customers that were employed by large, reputable companies. Recently, the Group has re-branded itself to emphasise its retail focus, in particular its evolution as a bank with a nationwide network and focus on the provision of banking services to nearly all segments of the Nigerian economy.
The Bank has five banking subsidiaries established outside of Nigeria - Guaranty Trust Bank (Gambia) Ltd ("GTB Gambia"), Guaranty Trust Bank (Sierra Leone) Ltd ("GTB Sierra Leone"), Guaranty Trust Bank (Ghana) Ltd ("GTB Ghana"), Guaranty Trust Bank (Liberia) Ltd ("GTB Liberia") and Guaranty Trust Bank (United Kingdom) Ltd ("GTB UK"). The Bank services its customers from 154 branches in Nigeria, as well as other branches of its subsidiaries throughout the region.
The Bank also has five non-banking subsidiaries: Guaranty Trust Assurance Plc ("GTB Assurance"), which provides insurance services in Nigeria, GTB Registrars Limited ("GTB Registrars"), a securities registrar, GTHomes Limited ("GTHomes"), which provides mortgage services, GTB Asset Management Limited ("GTB Asset"), which provides asset management and other investment services and GTB Finance B.V. ("GTB Finance"), a finance subsidiary located in The Netherlands. In each of the past three years, profit from the Bank accounted for over 90.0% of the Group's total income.
www.gtbank.com