Welcome, Guest: Join Nairaland / LOGIN! / Trending / Recent / New
Stats: 2,798,288 members, 6,686,287 topics. Date: Friday, 21 January 2022 at 11:31 PM

Gtbank Profit Before Tax Hits N215.6bn In 2018 - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / Gtbank Profit Before Tax Hits N215.6bn In 2018 (6162 Views)

Gtbank’s Profit Before Tax Rises By 2.1% To N58.2 Billion In Q1 2020 / Mark Zuckerberg Loses 17. 6bn Plunge To World's Sixth Richest / Dangote Sugar Posts N54bn Profit Before Tax In 2017 (2) (3) (4)

(1) (2) (Reply) (Go Down)

Gtbank Profit Before Tax Hits N215.6bn In 2018 by rodeo0070(m): 10:07am On Mar 07, 2019
Guaranty Trust Bank plc has released its audited financial results for the year ended December 31, 2018, to the Nigerian and London Stock Exchanges.

A review of the results shows positive performance across all financial metrics and improved strategic positioning of the brand. Gross earnings for the year grew by 3.7% to ₦434.7billion from ₦419.2billion reported in December 2017. Profit before tax stood at ₦215.6billion, representing a growth of 9.1% over ₦197.7billion* recorded in the corresponding year ended December 2017. The Bank’s customer deposits increased by 10.3% to ₦2.274trillion from ₦2.062trillion in December 2017, however, loan book dipped by 12.9% from ₦1.449trillion recorded as at December 2017 to ₦1.262trillion in December 2018.

In view of the above, the Bank closed the 2018 financial year with Total Assets of ₦3.287trillion and Shareholders’ Funds of ₦575.6Billion. In terms of Assets quality, NPL ratio and Cost of Risk improved to 7.3% and 0.3% in December 2018 from 7.7% and 0.8% in December 2017 respectively. In addition, the coverage ratio for NPL stood at 105.1% and Capital adequacy ratio remained very strong, closing at 23.4% despite the implementation of IFRS 9. On the backdrop of this result, Post Tax Return on Equity (ROAE) and Return on Assets (ROAA) closed at 30.9% and 5.6% respectively. The Bank is proposing a final dividend of ₦2.45k per unit of ordinary share held by shareholders in addition to interim dividend of 30k per unit of ordinary share bringing total dividend for 2018 financial year to ₦2.75k per unit of an ordinary share.

Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr Segun Agbaje, said; “In 2018, our focus on staying nimble, strengthening customer relationships and driving our digital-first strategy paid off. We successfully navigated the pressures of our challenging and radically changing business environment, recorded growth across key financial indices and reaffirmed our position as one of the best performing and well managed financial institutions in Africa.

He further stated that; ‘This result reflects, not just the fundamental strength of our brand, but also our commitment to our values of excellence, creating value for all stakeholders and putting our customers first in everything that we do. Driven by these values, we are building the bank of the future by pairing the best of our business with the massive potential of digital technologies to create Africa’s first integrated and trusted platform; Habari.

GTBank has continued to report the best financial ratios in terms of profitability, efficiency and capital for a Financial Institution in Nigeria as revealed by its return on equity (ROAE) of 30.9%, a cost to income ratio of 37.1% and capital adequacy of 23.4%. These ratios are a testament to the efficient management of the Bank. In recognition of the Bank’s bias for world-class corporate governance standards, excellent service delivery, and innovation, GTBank has been a recipient of numerous awards over the years. Some of the Bank’s awards in 2018 include Bank of the Year – Nigeria from the Banker Magazine, Best Banking Group and Best Retail Bank Nigeria from World Finance Magazine, Most Innovative Bank from the African Investor, and Best Digital Banking Brand in Nigeria from the Global Brands Magazine.

SOURCE: https://brandspurng.com/2019/03/07/gtbank-profit-before-tax-hits-n215-6bn-in-2018/

3 Likes

Re: Gtbank Profit Before Tax Hits N215.6bn In 2018 by VirginFinder: 10:11am On Mar 07, 2019
Great!

3 Likes

Re: Gtbank Profit Before Tax Hits N215.6bn In 2018 by Nasige(m): 10:36am On Mar 07, 2019
sound good

1 Like

Re: Gtbank Profit Before Tax Hits N215.6bn In 2018 by Raxxye(m): 10:36am On Mar 07, 2019
Why won't they with all spurious charges and extortions that they mete out to customers!

1 Like 1 Share

Re: Gtbank Profit Before Tax Hits N215.6bn In 2018 by Stargner: 10:36am On Mar 07, 2019
I am not surprised. The day light robbery of banks in Nigeria is Top Notch!

24 Likes 1 Share

Re: Gtbank Profit Before Tax Hits N215.6bn In 2018 by Bizmagnet: 10:37am On Mar 07, 2019
This is great! These guys must be paying cool cash for tax into govt coffer. I wish them more profits in 2019.

Your brand creative packaging goes a long way in expanding your client base. Get your website/blog/software for that business, idea, school, church, NGOs, etc today. Contact through my signature.
Re: Gtbank Profit Before Tax Hits N215.6bn In 2018 by MasterRahl(m): 10:37am On Mar 07, 2019
cool
The GTBank internet banking platform is top-notch. They employ only university graduates. The last recruitment exercise that was done by the bank accepted only first class and second-class-upper graduates. When you want to stand out, recruit the best and pay them well.
The same principles are applied by Google, Facebook, Apple, Amazon, Microsoft, LinkedIn, and other bluechip companies. They employ the best and pay them well.

9 Likes

Re: Gtbank Profit Before Tax Hits N215.6bn In 2018 by ictjobber: 10:37am On Mar 07, 2019
Thanks to Sms charges and atm card maintenance.


I build websites and I'm based in Abuja, See my signature /Profile

7 Likes

Re: Gtbank Profit Before Tax Hits N215.6bn In 2018 by hushshinani(m): 10:38am On Mar 07, 2019
Tifu Tifu Bank Robbery...
They can deduct money for Africa...

4 Likes

Re: Gtbank Profit Before Tax Hits N215.6bn In 2018 by lakesider(m): 10:38am On Mar 07, 2019
Stargner:
I am not surprised. The day light robbery of banks in Nigeria is Top Notch!

You are filled with negativity..
When they make lost, u rant
Whe. They make profit, you rant..
I doubt if you can make any success in life

13 Likes 1 Share

Re: Gtbank Profit Before Tax Hits N215.6bn In 2018 by Ay04z(m): 10:38am On Mar 07, 2019
Why woun't they gain dat much wen dey charge Abt 4,200 on sms alert fees on we dat run agent banking. Lol
Re: Gtbank Profit Before Tax Hits N215.6bn In 2018 by lumzybo: 10:38am On Mar 07, 2019
Why won’t they declare profit when all they do is debit upon debit. Keep money in the bank and see it reduce right before your own very eyes.

6 Likes

Re: Gtbank Profit Before Tax Hits N215.6bn In 2018 by Pope22(m): 10:39am On Mar 07, 2019
This GTBank na criminal, with the way they take my money every Saturday, why won't they hit such profit?
Re: Gtbank Profit Before Tax Hits N215.6bn In 2018 by Kalamu2018(f): 10:39am On Mar 07, 2019
Nice One
Re: Gtbank Profit Before Tax Hits N215.6bn In 2018 by Tospringe: 10:39am On Mar 07, 2019
Where are those IPOB chest beaters ?

2 Likes 1 Share

Re: Gtbank Profit Before Tax Hits N215.6bn In 2018 by NOETHNICITY(m): 10:40am On Mar 07, 2019
And some ignorant children of hate bragged about bringing down this noble bank all because of issues between the bank and one of their brother

2 Likes

Re: Gtbank Profit Before Tax Hits N215.6bn In 2018 by chukslawrence(m): 10:41am On Mar 07, 2019
Ok
Re: Gtbank Profit Before Tax Hits N215.6bn In 2018 by Nevee: 10:42am On Mar 07, 2019
Exponential improvements in performance year on year, this is what you get when you’re innovative unlike some that, save for the support of some political elements, they shouldn’t have any business with banking. Meanwhile, reverence must be made to Fola Adeola, Tayo Aderinokun (RIP), Segun Agbaje and co. for changing the face of and championing a revolution in banking in Nigeria. A revolution that shook greatly the likes of Subomi Balogun. You all have left indelible footprints in the sand of time.

2 Likes 1 Share

Re: Gtbank Profit Before Tax Hits N215.6bn In 2018 by senatepresido: 10:42am On Mar 07, 2019
The best bank in Naija

2 Likes

Re: Gtbank Profit Before Tax Hits N215.6bn In 2018 by chinavs9ja(m): 10:42am On Mar 07, 2019
How will this effect the rigged election?


I am a web designer, check my signature
Re: Gtbank Profit Before Tax Hits N215.6bn In 2018 by sirvvy: 10:42am On Mar 07, 2019
GtB angry always debiting people without reversal especially on weekends

1 Like

Re: Gtbank Profit Before Tax Hits N215.6bn In 2018 by jaymejate: 10:43am On Mar 07, 2019
All my hundred naira they deduct for nothing every month. Tifs
I never see any interest since.
Re: Gtbank Profit Before Tax Hits N215.6bn In 2018 by crackhouse(m): 10:45am On Mar 07, 2019
My bank
Re: Gtbank Profit Before Tax Hits N215.6bn In 2018 by Nigeriabiafra80: 10:45am On Mar 07, 2019
While some yoruba sons are online shouting "Igbo leave our town" their fathers are offline selling more lands to igbo businessmen �.
Re: Gtbank Profit Before Tax Hits N215.6bn In 2018 by iammo(m): 10:45am On Mar 07, 2019
smiley

I thought some chestbeating criminals promised to bring down gtb because the fraudulent debt defualting innosan

5 Likes

Re: Gtbank Profit Before Tax Hits N215.6bn In 2018 by Is04970: 10:47am On Mar 07, 2019
These people shouldn't add my 10k to their so called profit o.
I sent to another account but didn't reflect while the money was deducted from mine.
Re: Gtbank Profit Before Tax Hits N215.6bn In 2018 by cr7lomo: 10:53am On Mar 07, 2019
How....a bank that is ranked 576th globally declaring about 700million dollars PBT ... Nigerians are easily fooled...that's y education is messed up in this country.... How possible is that...

3 Likes 1 Share

Re: Gtbank Profit Before Tax Hits N215.6bn In 2018 by Stargner: 10:53am On Mar 07, 2019
lakesider:


You are filled with negativity..
When they make lost, u rant
Whe. They make profit, you rant..
I doubt if you can make any success in life

I would have let this slide, but that wouldn't be fair on you and your life! you hardly know me and you write such nonsense. I can assure you that the success i have made in life, Your Generation cannot and would never amount to such. So, Get off and don't quote me again.

1 Like

Re: Gtbank Profit Before Tax Hits N215.6bn In 2018 by TroubleMaker47(m): 10:57am On Mar 07, 2019
Not surprised, Women are excellent managers
Re: Gtbank Profit Before Tax Hits N215.6bn In 2018 by AntiWailer: 10:58am On Mar 07, 2019
I thought they will close down since some people were closing their accounts.


Clowns

2 Likes

Re: Gtbank Profit Before Tax Hits N215.6bn In 2018 by Acidosis(m): 11:00am On Mar 07, 2019
lakesider:


You are filled with negativity..
When they make lost, u rant
Whe. They make profit, you rant..
I doubt if you can make any success in life

The Bank’s customer deposits increased by 10.3% to ₦2.274trillion from ₦2.062trillion in December 2017, however, loan book dipped by 12.9% from ₦1.449trillion recorded as at December 2017 to ₦1.262trillion in December 2018.

Oga, before you insult, can you explain how customer deposit increased by 10.3% while loan book dipped by 12.9%?

What other form of tiff tiffu can be greater than an organization that takes from you (customer daada) but fails to increase loan in same measure?

Customers like you and I are the greatest losers in the banking business.

These banks will run to CBN at the slightest opportunity to get so called 'SME' loans at extremely low and interesting rates. The fair ones among them will disburse the loans to customers, especially those who are ready to present their fathers' heads as collateral, while the very indecent ones will reinvest loans on extremely low risk financial instruments like TBills at higher rates.

Why won't they declare massive profits?

7 Likes

(1) (2) (Reply)

Which Is Beta Cashcraft Or Meristem Securities? / Zenith Bank, Total Nigeria, Healthplus Bag 2017 Nigeria Customer Service Award / THE BEST DAILY 2odd Around(sports Trading)

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2022 Oluwaseun Osewa. All rights reserved. See How To Advertise. 112
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.