18 Sep 2009 13:20
Guaranty Trust Bank
Half year summary results for the 6 months ended 30 June 2009
BALANCE SHEETS
As at 30 June, 2009
In accordance with Nigerian GAPs
| ASSETS | GROUP Jun 2009 N'000 | GROUP Dec 2008 N'000 | BANK Jun 2009 N'000 | BANK Dec 2008 N'000 |
| Cash and short-term funds | 270,780,172 | 282,342,056 | 237,783,337 | 252,003,983 |
| Short term investments | 108,082,291 | 141,972,602 | 97,913,059 | 127,549,286 |
| Loans and advances | 576,972,949 | 418,778,900 | 560,537,507 | 416,444,077 |
| Advances under finance lease | 8,925 | 23,835 | 8,925 | 23,835 |
| Trading properties | 3,798,319 | 15,085,846 | - | - |
| Other assets | 16,604,404 | 52,676,400 | 14,421,897 | 49,707,152 |
| Long term investments | 15,443,406 | 11,821,685 | 42,540,871 | 40,058,002 |
| Deferred tax asset | 8,566 | 36,847 | - | - |
| Fixed assets | 44,175,325 | 39,629,765 | 39,751,082 | 36,030,992 |
| Goodwill on consolidation | 390,671 | 354,328 | - | - |
| TOTAL ASSETS | 1,036,265,028 | 962,722,264 | 992,956,678 | 921,817,327 |
| LIABILITIES | ||||
| Deposits and other accounts | 626,357,723 | 472,270,503 | 597,043,266 | 446,818,523 |
| Taxation payable | 7,342,611 | 9,484,919 | 6,698,719 | 9,085,877 |
| Other liabilities | 159,266,108 | 232,561,576 | 147,444,351 | 220,069,962 |
| Deferred tax liabilities | 817,063 | 3,474,838 | 623,647 | 3,395,712 |
| Borrowings | 65,389,528 | 62,896,528 | 65,389,528 | 62,896,528 |
| TOTAL LIABILITIES | 859,173,033 | 780,688,364 | 817,199,511 | 742,266,602 |
| NET ASSETS | 177,091,995 | 182,033,900 | 175,757,167 | 179,550,725 |
| CAPITAL AND RESERVES | ||||
| Share capital | 9,326,875 | 7,461,500 | 9,326,875 | 7,461,500 |
| Share premium | 119,076,565 | 119,076,565 | 119,076,565 | 119,076,565 |
| Other reserves | 43,559,810 | 51,453,710 | 47,353,727 | 53,012,660 |
| SHAREHOLDERS' FUNDS | 171,963,250 | 177,991,775 | 175,757,167 | 179,550,725 |
| Non controlling interest | 5,128,745 | 4,042,125 | - | - |
| 177,091,995 | 182,033,900 | 175,757,167 | 179,550,725 | |
| CONTINGENTS | 324,343,585 | 414,474,819 | 312,895,901 | 403,649,163 |
PROFIT & LOSS ACCOUNTS
For the 6 months period ended 30 June, 2009
In accordance with Nigerian GAPs
| GROUP Jun 2009 6 months N'000 | GROUP Jun 2008 4 months N'000 | BANK Jun 2009 6 months N'000 | BANK Jun 2008 4 months N'000 | |
| GROSS EARNINGS | 85,090,622 | 36,084,102 | 77,809,131 | 33,380,647 |
| Profit on Ordinary Activities before Taxation | 8,325,723 | 11,827,745 | 10,018,384 | 12,169,371 |
| Taxation | 432,607 | (2,307,078) | 1,111,057 | (2,254,603) |
| Profit on Ordinary Activities after Taxation | 8,758,330 | 9,520,667 | 11,129,441 | 9,914,768 |
| Transfer to Statutory Reserves
| 3,338,832 | 2,974,430 | 3,338,832 | 2,974,430 |
| Earnings per Share | 48k | 62k | 60k | 66k |
SIGNED ON BEHALF OF THE BOARD OF DIRECTORS BY:
O. Aderinokun
T. Osuntoki
Approved by the Board of Directors on 27 August 2009.
Please see Guaranty Trust Bank website for full Interim Group Financial Statements for the six month period ended 30 June 2009:
http://www.gtbank.com/images/stories/documents/Investor%20Relations/june_2009_half_year_financial_statement_gaap.pdf
Conference call
There will be a conference call for investors and analysts at 10am UK time, Thursday 24th September 2009. Details as follows:
Dial in: +44 (0) 1452 555 566
Conference code: 31579780
** NOTE
The Bank has fully provided for the amount of N20.789 billion in the above Accounts, being the recommended additional loan loss provision by the CBN as a result of the Special Examination as at May 31 2009 recently concluded by the Joint CBN/NDIC team.
INDEPENDENT AUDITOR'S REPORT
To the Members of Guaranty Trust Bank Plc:
We have audited the Group and separate financial statements of Guaranty Trust Bank Plc ("the Bank") and its subsidiary companies ("the Group") for the 6 months period ended 30 June, 2009, from which the summarised financial statements were derived, in accordance with International Standards on Auditing. In our report dated 27 August 2009, we expressed an unqualified opinion on the Group and separate financial statements from which the summarised financial statements were derived.
In our opinion, the accompanying summarised financial statements are consistent, in all material respects, with the Group and separate financial statements from which they were derived. For a better understanding of the Bank's and Group's financial position and results for the 6 months period ended 30 June, 2009 and of the scope of our audit, the summarised financial statements should be read in conjunction with the Group and separate financial statements from which the summarised financial statements were derived and our audit opinion thereon.
Compliance with Section 27 (2) of the Banks and Other Financial Institutions Act of Nigeria and Central Bank of Nigeria Circular BSD/1/2004
The Bank did not contravene any provisions of the Banks and Other Financial Institutions Act of Nigeria and Central Bank of Nigeria Circular BSD/1/2004 during the period under review.
Related party transactions and balances have been disclosed in the financial statements in compliance with the Central Bank of Nigeria circular BSD/1/2004.
Lagos, Nigeria
27 August 2009.