Nigeria's GTBank posts over $500 million profit in 2018

Digital banking strategy contributes to GTBank's strong financial performance.

Segun Agbaje, MD GTBank
  • Guaranty Trust Bank Plc (GTB) posts N184.6 billion ($507 million) as profit for the year ended December 31, 2018
  • Segun Agbaje, Managing Director/CEO, GTBank, says the bank will continue to build the bank of the future with the massive potential of digital technologies to create Africa’s first integrated and trusted platform.
  • Total assets stand at N3.287 trillion as at December 31, 2018, while shareholders’ funds stand at N575.6 billion.

Nigeria's tier-1 bank, Guaranty Trust Bank Plc (GTB) has posted N184.6 billion ($507 million) as profit for the year ended December 31, 2018, attributed to its success story on digital banking.

The audited financial results released the Nigerian and London Stock Exchanges, also showed that the bank's gross earnings grew by 3.7% to N434.7 billion from N419.2 billion reported in 2017.

Segun Agbaje, Managing Director/CEO, GTBank, 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."

According to the financial result, profit before tax stood at N215.6 billion, representing a 9.1% growth over N197.7 billion recorded a year earlier.

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,” Agbaje explained.

Key financial highlights from the 2018 GTBank financial statements

  • Bank’s customer deposits up by 10.3% to N2.274 trillion from N2.062 trillion posted in December 2017.
  • Loan book dipped by 12.9% to N1.262 trillion in December 2018 from N1.449 trillion recorded in December 2017.
  • Total assets stood at N3.287 trillion as at December 31, 2018, while shareholders’ funds stood at N575.6 billion.
  • Assets quality, NPL ratio and cost of risk improved to 7.3% and 0.3% in December 2018, from 7.7% and 0.8% year-on-year respectively.
  • Coverage for Lifetime Credit Impaired Loans at 105.1% (31 December 2017: 119.6%)
  • Cost of Risk at 0.3% (31 Dec 2017: 0.8%)
  • Cost to income of 37.1% (31 Dec 2017: 38.9%).  

Naira = 306 official rate

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