Guaranty Trust Bank (GTBank) Plc has posted gross revenue of N435.307 billion in its audited financial results for the year ended December 31, 2019.
This was made known in the Bank financial statement released on the Nigerian Stock Exchange (NSE) yesterday.
The Bank proposed a final dividend of N2.50 per share, which translates to a dividend yield of 11 per cent, based on the last closing price of N22.70 on March 2, 2020.
Capital market analysts noted that the Bank’s performance was supported by moderate growth in both interest and non-interest income, alongside industry-best efficiency.
Analysis on the results showed that interest income went down by 3.5 per cent to N296.205 billion from N306.963 billion, while interest expense down by 23.3 per cent to N64.843 billion as against N84.530 billion.
Deposits from customers rose by 11.4 per cent to 2.533 trillion from N2.274 billion, while net loans and advances up by 19 per cent from N1.262 trillion to N1.502 trillion.
Total assets stood at N3.759 trillion, up by 14.3 per cent, when compared to N3.287 trillion declared in 2018.
The chief executive officer of Guaranty Trust Bank, Segun Agbaje, recently at the Bank’ audited half year results said; “We have delivered a good result in spite of a challenging market, characterised by varying degrees of uncertainty and a rapidly changing competitive landscape. Our strong financial performance is underpinned by our unwavering focus on delivering value for our shareholders and reimagining the role we play in our customers’ lives.”
He further stated that “In a rapidly changing world and increasingly unpredictable environment, we are committed to building a long-term business that is both nimble and focused on flawless execution.
“The progress that we have made over the past six months demonstrates that we have the right strategy and the dedicated team to deliver for all our stakeholders, even in difficult conditions.”