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25 December, 2015

Gtbank Declares N50b Dividends On N107b Profit


Guaranty Trust Bank (GTBank) Plc would distribute a total of N50 billion to shareholders as dividends for the 2013 business year as the bank at the weekend announced that it made a pre-tax profit of N107 billion during the year.
The board of directors of the bank at the weekend indicated that N42.67 billion would be distributed as final dividend, representing a dividend per share of N1.45. The bank had paid interim dividend of N7.36 billion, implying a dividend per share of 25 kobo. The total dividend stands at N50 billion, representing N1.70 per share.

Key extracts of the audited report and accounts of GTBank for the year ended December 31, 2013 showed modest growths in the top-line and bottom-line. Gross earnings rose by 9.0 per cent from N223.06 billion in 2012 to N242.67 billion in 2013. Profit before tax inched up by 4.0 per cent from N103.03 billion to N107.09 billion in 2013. Profit after tax also rose marginally by 4.0 per cent from N86.69 billion to N90.02 billion in 2013. Earnings per share thus improved slightly from N3.06 to N3.17 per share.
The report showed that the bank recorded 28.6 per cent growth in loan book from N783.91 billion in 2012 to N1.01 trillion in 2013 while customer’s deposits grew by 24.3 per cent from N1.15 trillion in 2012 to N1.43 trillion in 2013. Total balance sheet size closed 2013 in excess of N2 trillion while shareholders’ equity increased by 17.9 per cent from N281.83 billion in 2012 to N332.35 billion in 2013.
GTBank also maintained top position in the industry with pre-tax return of equity of 34.9 per cent and pre-tax return on asset of 5.6 per cent. Risk management framework in the bank emerged stronger as non-performing loans ratio decreased to 3.58 per cent in 2013 from 3.75 per cent in 2012.
Commenting on the results, managing director, Guaranty Trust Bank (GTBank) Plc, Mr. Segun Agbaje said the results reaffirm the bank’s reputation as a market leader.
“As a growing franchise and in spite of the regulatory headwinds, our bank has posted respectable results that reaffirm our reputation as a market leader and a highly ethical financial institution. We have maintained our cost-leadership position among peers year-on-year as typified by the cost-to-income ratio of 43.5 per cent in 2013 as against 43.1 per cent in 2012,” Agbaje said.
According to him, the acquisition of Fina Bank Limited, a Kenyan bank with significant business footprint in Rwanda and Uganda gives the bank the opportunity to commence business in three East African countries via the acquisition of one bank.
“This will give us great mileage and an opportunity to leverage our brand equity. We hope to further tap into the growth potentials of emerging African economies thus bringing us closer to our philosophy of being ‘A proudly African and truly international’ financial brand,” Agbaje said.
Source - http://thenationonlineng.net/gtbank-declares-n50b-dividends-n107b-profit/

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