Guaranty Trust Bank Plc has boosted the liquidity position of its shareholders as the bank declared an interim dividend of 25 kobo for the half year (H1) ended June 30, 2012.

The bank has therefore, maintained its dividend policy of rewarding shareholders twice in a year through interim and final dividends. According to the audited H1 result, GTBank posted gross earnings of N106 billion, up from N84.76 billion in the corresponding period of 2011.

Profit before tax rose by 62 per cent from N32.9 billion to N53.6 billion, while profit after tax grew by 64 per cent from N27.65 billion to 45.6 billion.

Commenting on the performance, analysts at FBN Capital Limited said they did not expect the liquidity tightening concerns to overshadow this solid set of earnings.

“Year-to-date, GT Bank shares have gained 26 per cent outperforming the sector by 16.7 per cent, and the Nigerian Stock Exchange (NSE) All Share Index by 11.6 per cent. Consensus 2012 profit before tax forecast is currently around N86 billion. We would expect this figure to move higher on the back of the results. GT Bank’s H1 Profit after tax implies an annualised return on average equity (ROAE) of slightly over 35 per cent. Measured in these terms, GTBank remains the bank to beat in the sector by some margin,” they said.

Market operators said they were not surprised by the impressive H1 result of the bank, having opened the year with a similarly impressive performance for the first quarter ended March 31, 2012.


The bank had ended its Q1 with a profit after tax rose N19.312 billion, up from N14.328 billion in the corresponding period of 2011.
Managing Director of GTBank, Mr. Segun Agbaje, recently noted that the bank had consistently reported the best results within the sector for the last three years and intended to maintain this trend in the future.

“Our successes over the years can primarily be attributed to teamwork, discipline and passion. Our board is actively involved in the bank’s operations, our management team believe in our vision to be the best bank in the country and our members of staff are committed to go the extra mile in ensuring customer satisfaction,” he said.
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