REG - Guaranty Trust Bank - GUARANTY TRUST BANK PLC Q3 UNAUDITED GROUP RESULTS <Origin Href="QuoteRef">GUARANT.LG</Origin>

Guaranty Trust HoldingAnnouncement

18/10/2017 17:06

RNS Number : 0032U
Guaranty Trust Bank PLC
18 October 2017
Guaranty Trust Bank plc
UNAUDITED QUARTER THREE GROUP RESULTS FOR THE PERIOD ENDED SEPTEMBER 30, 2017 DECLARES A PBT OF N150.03BILLION
Lagos Nigeria - October 18, 2017 - Guaranty Trust Bank plc ("GTBank"), (Bloomberg: GUARANTY:NL/Reuters: GUARANTY.LG), provider of diversified financial services, announces its Q3 Results and declares a PBT of N150.03bn.
The Board of Directors of Guaranty Trust Bank Plc is pleased to announce the Group's unaudited results for the period ended 30 September 2017.
Financial Highlights
 Strong Earnings
- Profit before tax of N150.03bn (30 September 2016 N137.99bn) an increase of 8.73% enhanced by 36.48% growth in interest income
- Profit after tax for the period of N125.58bn (30 September 2016: N117.08bn)
- Earnings per share of 444kobo (30 September 2016: 414kobo per share)
 Revenue
- Interest Income of N248.27bn (30 September 2016: N181.91bn) 
- Trading Income of N9.94bn (30 September 2016: N3.01bn) up 229.78% as a result improved System FX liquidity which led to increase in FX trading volumes. Also, impressive yields in the Fixed Income Market provided the necessary stimulant for increased trading volumes of Treasury bills transacted during the period.
- Net interest margin remained strong at 10.50% (30 September 2016: 8.22%). 
 Balance Sheet
- Total assets of N3.213trn (31 December 2016: N3.116trn) up 3.10% largely as a result of 7.76% growth in Investment Securities
- Net loans and advances of N1.428trn (31 December 2016: N1.590trn) down 10.18% as result conscious effort to de-risk the balance sheet and unwinding of trade obligations. 
- Customers Deposits of N1.898trn (31 December 2016:N1.986trn) down 4.46% as a result of increased customers' appetite for Treasury bills investment as well as utilization of naira deposits by customers to clear pent up FX obligations 
 Credit Quality 
- Non-performing loans to total loans of 3.93% (31 December 2016: 3.66%) 
- Coverage (with Regulatory risk reserves) at 212.72% (31 December 2016: 222.86%)
- Cost of Risk at 0.53% (31 December 2016: 4.25%). 
 Continued focus on efficiency
- Cost to income of 37.59% (30 September 2016: 37.49%).
 Subsidiaries
- Contribution to PBT from subsidiaries at 9.28% (30 September 2016: 7.34%).
- 
Q3 2017 Financial Analysis and Ratios
Key Financials (N' billion)
Q3-2017
Q3-2016
%
Interest Income
248.27
181.91
36.48%
Net Interest Income
189.57
132.75
42.80%
Operating Income
240.39
220.76
8.89%
Operating expenses
90.36
82.77
9.17%
Profit before tax
150.03
137.99
8.73%
Profit After Tax
125.58
117.08
7.26%
Earnings per share (in Naira)
4.44
4.14
7.24%
Q3-2017
FY-2016
%
Total Assets
3,212.94
3,116.39
3.10%
Net Loans
1,428.24
1,590.08
-10.18%
Customers Deposits
1,897.59
1,986.25
-4.46%
Key Ratios
Q3-2017
Q3-2016
ROE(post-tax)
30.81%
34.58%
ROA(post-tax)
5.29%
5.56%
ROE (pre-tax)
36.81%
40.75%
ROA (pre-tax)
6.32%
6.55%
Net interest margin
10.50%
8.22%
Cost-to-income ratio
37.59%
37.49%
Q3-2017
FY-2016
Loans to deposits
72.47%
75.31%
Liquidity ratio
49.75%
42.19%
Capital adequacy ratio
22.90%
19.79%
NPL/Total Loans
3.93%
3.66%
Cost of risk
0.53%
4.25%
Coverage (with Reg. Risk Reserves)
212.72%
222.86%
18 October, 2017
Enquiries:
GTBank
Golden Nwaiwu, Head, Investor Relations
ir@gtbank.com
+234-1-4484156
Oyinade Adegite, Head, Communications & External Affairs
+234-1-2715227
Oyinade Adegite
cea@gtbank.com
Notes to the Editors:
Guaranty Trust Bank is a diversified financial services company with N3.212trillion in assets, providing commercial banking services through 218 local branches, 44 e-branches, over 1,165 ATMs, our international subsidiary offices and the Internet (gtbank.com). 
The Group operates as one of the leading Nigerian banks offering a wide range of commercial banking services and products throughout Nigeria and in the West and East African sub-region. The Bank is rated B+ by Fitch and B by S&P, a reflection of the Bank's stability and reputation of being a well-established franchise with strong asset quality and consistently excellent financial performance.
The Bank has nine bank subsidiaries established outside of Nigeria -
1) Guaranty Trust Bank (Gambia) Limited ("GTB Gambia"), 
2) Guaranty Trust Bank (Sierra Leone) Limited ("GTB Sierra Leone"), 
3) Guaranty Trust Bank (Ghana) Limited ("GTB Ghana"), 
4) Guaranty Trust Bank (Liberia) Limited ("GTB Liberia"),
5) Guaranty Trust Bank (United Kingdom) Limited ("GTB UK")
6) Guaranty Trust Bank (Cote D'Ivoire) ("GTB Cote D'Ivoire"), 
7) Guaranty Trust Bank (Kenya) Limited  ("GTB Kenya"), 
8) Guaranty Trust Bank (Rwanda) Limited  ("GTB Rwanda"), 
9) Guaranty Trust Bank (Uganda) Limited  ("GTB Uganda").

This information is provided by RNS
The company news service from the London Stock Exchange
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