GT Bank remains best performing bank as earnings rise by 44%

Guaranty Trust Bank has released its unaudited financial reports for the 3rd quarter of the year in which it maintained growth and increased earnings with non performing loans held at the barest minimum.

GTB's Q3 gross earnings grew by 44% to N329.3billion from the N229.4billion reported last year September. This was driven by growth in fee & commission income as well as foreign exchange income, the report said.

Also, profit before tax stood at N140.84billion, representing a growth of 53% from N92.06billion recorded in the corresponding period of September 2015.The Bank’s loan book grew by 19.6% from N1.372trillion recorded in December 2015 to N1.640trillion in September 2016.

GTB ended the period with a Total Assets of N3.093trillion and Shareholders’ Funds of N483.4billion. Its non-performing loans remained low at 4.13%. On the backdrop of this result, Return on Equity (ROE) and Return on Assets (ROA) stood at 35.31% and 5.69% respectively.

Guaranty Trust Bank has continued to report the best financial ratios for a Financial Institution in the industry with a return on equity (ROE) of 35.31% and a cost to income ratio of 36.20% evidencing the efficient management of the banks’ assets.

Commenting on the financial results, GTB CEO Segun Agbaje, the bank's strong performance "is a reflection of the continued support of our customers, hard work of our Staff and the commitment of the Management and Board to manage the Bank for long term sustainable returns.

He also said GTB is focused on adding value to all stakeholders and improving customer experience.