22 Oct 2010 15:55
Guaranty Trust Bank plc
STATEMENT TO THE NIGERIAN STOCK EXCHANGE AND THE SHAREHOLDERS ON THE UNAUDITED RESULTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2010
The Board of Directors of Guaranty Trust Bank Plc is pleased to announce the Group's unaudited results for the nine months ended September 30, 2010.
Balance Sheet
As at 30 September 2010
Group | Group | Bank | Bank | |||||
30-Sep-10 | 30-Jun-10 | 30-Sep-10 | 30-Jun-10 | |||||
N'million | N'million | N'million | N'million | |||||
ASSETS | Notes | |||||||
Cash and balances with Central Banks | 11 | 22,258 | 37,431 | 16,221 | 32,571 | |||
Treasury Bills | 12 | 121,807 | 85,949 | 107,052 | 71,079 | |||
Due from Other Banks | 13 | 266,583 | 289,939 | 228,325 | 262,884 | |||
Loans and Advances to Customers | 14 | 577,081 | 560,498 | 545,320 | 532,392 | |||
Insurance Receivables | 1,005 | 1,227 | - | - | ||||
Investment Securities | 15 | 77,264 | 72,670 | 69,664 | 69,656 | |||
Investment in Associates | 1,089 | - | - | - | ||||
Trading Properties | 5,955 | 4,993 | - | - | ||||
Investment in Subsidiaries | 16 | - | - | 30,116 | 29,350 | |||
Other Assets | 17 | 15,550 | 17,349 | 11,934 | 10,775 | |||
Deferred Tax Asset | 530 | 537 | - | - | ||||
Property and Equipment | 18 | 47,809 | 47,467 | 42,893 | 42,144 | |||
Goodwill On Consolidation | 354 | 354 | - | - | ||||
TOTAL ASSETS | 1,137,285 | 1,118,414 | 1,051,525 | 1,050,851 | ||||
LIABILITIES | ||||||||
Customers' Deposits | 19 | 741,278 | 720,981 | 685,090 | 695,637 | |||
Due to Other Banks | 20 | 14,822 | 20,268 | 4,012 | 3,481 | |||
Claims Payable | 568 | 585 | - | - | ||||
Finance Lease Obligations | 21 | 1,984 | 2,026 | 1,984 | 2,026 | |||
Liability on Insurance Contracts | 4,411 | 3,737 | - | - | ||||
Debt Securities in Issue | 22 | 67,217 | 64,971 | 67,217 | 65,609 | |||
Other Borrowings | 23 | 21,720 | 14,346 | 21,720 | 14,346 | |||
Taxation Payable | 24 | 13,408 | 10,129 | 12,246 | 9,292 | |||
Other Liabilities | 25 | 68,261 | 80,527 | 61,967 | 64,755 | |||
Deferred Taxation | 26 | 4,277 | 4,441 | 4,135 | 4,296 | |||
TOTAL LIABILITIES | 937,946 | 922,011 | 858,371 | 859,442 | ||||
NET ASSETS | 199,339 | 196,403 | 193,154 | 191,409 | ||||
CAPITAL AND RESERVES | ||||||||
Share Capital | 27 | 11,659 | 11,659 | 11,659 | 11,659 | |||
Share Premium | 28 | 119,077 | 119,077 | 119,077 | 119,077 | |||
Translation Reserve | (24) | (376) | - | - | ||||
Retained Earnings | 29 | 13,936 | 13,702 | 23,319 | 21,574 | |||
Other Reserves | 30 | 48,903 | 46,608 | 39,099 | 39,099 | |||
TOTAL EQUITY | 193,551 | 190,670 | 193,154 | 191,409 | ||||
Non-Controlling Interest | 5,788 | 5,733 | - | - | ||||
TOTAL EQUITY | 199,339 | 196,403 | 193,154 | 191,409 | ||||
TOTAL LIABILITIES | 1,137,285 | 1,118,414 | 1,051,525 | 1,050,851 | ||||
GUARANTEES AND OTHER COMMITMENTS ON BEHALF OF CUSTOMERS | 439,985 | 369,938 | 372,021 | 348,299 | ||||
TOTAL ASSETS AND CONTIGENTS | 1,577,270 | 1,488,352 | 1,423,546 | 1,399,149 | ||||
Profit and Loss Accounts
For the 9 months period ended 30 September 2010
Group | Group | Bank | Bank | |||||
30-Sep-10 | 30-Sep-09 | 30-Sep-10 | 30-Sep-09 | |||||
N'million | N'million | N'million | N'million | |||||
Notes | ||||||||
Gross Earnings | 119,807 | 136,056 | 107,178 | 123,395 | ||||
Net Earnings | 91,094 | 64,425 | 81,436 | 56,389 | ||||
Interest income | 1 | 84,844 | 104,321 | 78,467 | 96,157 | |||
Interest expense | 2 | (24,668) | (43,764) | (22,059) | (40,117) | |||
Net Interest Margin | 60,176 | 60,557 | 56,408 | 56,040 | ||||
Fees and commission income | 3 | 26,844 | 26,497 | 23,751 | 23,229 | |||
Fee and commission expense | 4 | (828) | (632) | (616) | (632) | |||
Net fee and commission income | 26,016 | 25,865 | 23,135 | 22,597 | ||||
Foreign exchange income | 5 | 3,448 | 5,531 | 2,632 | 4,442 | |||
Income from investments | 6 | 2,269 | (328) | 1,661 | (457) | |||
Other income | 7 | 2,402 | 33 | 666 | 25 | |||
Operating income | 94,311 | 91,658 | 84,502 | 82,647 | ||||
Operating expenses | 8 | (51,297) | (42,395) | (44,795) | (35,367) | |||
Diminution in asset values | 9 | (4,045) | (27,867) | (3,683) | (26,889) | |||
Profit on Ordinary Activities before Taxation | 38,969 | 21,396 | 36,024 | 20,391 | ||||
Taxation | 10 | (12,470) | (5,306) | (11,528) | (4,894) | |||
Profit on Ordinary Activities after Taxation | 26,499 | 16,090 | 24,496 | 15,497 | ||||
Non-controlling interest | (420) | (116) | - | - | ||||
Profit attributable to equity holders of the bank | 26,079 | 15,974 | 24,496 | 15,497 | ||||
Appropriation: | ||||||||
Interim dividend | (5,829) | - | (5,829) | - | ||||
Transfer to SMEs reserves | - | - | - | - | ||||
Transfer to statutory reserves | (7,824) | (4,792) | (7,349) | (4,649) |
Group | Group | Bank | Bank | |||||
30-Sep-10 | 30-Jun-10 | 30-Sep-10 | 30-Jun-10 | |||||
N'mm | N'mm | N'mm | N'mm | |||||
Total non-performing loans and advances (N'million) | 49,215 | 42,502 | 48,257 | 19,719 | ||||
Total non-performing loans to total loans and advances (%) | 7.9% | 7.1% | 8.2% | 3.5% | ||||
EPS (Basic) (Kobo) | 114 | 86 | 105 | 83 | ||||
EPS (Adjusted) (Kobo) | 114 | 69 | 105 | 66 |
The Bank expects that barring unforeseen circumstances, the trend of the above results should be maintained in the last quarter of the financial year.
DATED THIS 20TH DAY OF OCTOBER 2010
BY ORDER OF THE BOARD
OLUTOLA OMOTOLA
COMPANY SECRETARY
22 October 2010
Enquiries:
GTBank | +234-1-2714591 |
Lola Odedina, Head, Communications & External Affairs | |
Pascal Or | |
College Hill | +44 20 7457 2020 |
Peter Pantlin | |
Tony Friend |
Notes to the Editors:
Guaranty Trust Bank is a diversified financial services company with over N1trillion in assets providing banking, insurance, investment management, registrar services, mortgages and commercial finance through 154 local branches, 493 ATMs, our international and subsidiary offices and the Internet (gtbank.com).
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. The Bank is rated B+ by Fitch and S&P, 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 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.