Posted by Amechi Obiakpu, Lagos | 7 March 2015 | 3,762 times
Foremost African Banking Group, Guaranty Trust Bank plc, is proposing a total-year dividend of N1.75k per share for its share holders. This is on the backdrop of an impressive financial year ended in December 2014.
According to its audited financial results for the year ended December 2014 released to the Nigerian and London stock exchanges, a copy of which was made available to News Express, GTBank said the outstanding results is in spite of all the headwinds the industry experienced in 2014.
The Group delivered an impressive Profit Before Tax of N116.39 billion, an increase of 9.30 billion or 8.7% over the N107.09 billion reported in December 2013 and Gross Earnings of N278.52 billion an increase of 14.8% from the N242.67 billion recorded in the same period of 2013. In terms of value creation for its shareholders, the bank recorded pre-tax ROAE of 32.94% and ROAA of 5.22% respectively.
GTBank’s balance sheet remains strong with 12.4% growth in total assets, from N2.10 trillion in 2013 to N2.36 trillion in the year under review. Loan book grew by 27.12% to close at N1.28 trillion from N1.01 trillion in 2013; driven primarily by growth of the foreign currency loan book, on the back of the 2013 $400mm Eurobond issue. On the back of continued growth of the bank’s retail franchise, customer deposits grew by 13.3% from N1.43 trillion in 2013 to N1.62 trillion in 2014. The bank continues to maintain a disciplined and prudent approach to loan growth in line with its risk management framework. Its Non-Performing Loans (NPL) ratio remained low at 3.15%; down from 3.58% in the comparative period of 2013.
The bank said the proposed Total-Year Dividend of N1.75k per share is inclusive of the 25 kobo interim dividend paid at half year 2014.
Commenting on the financial results, GTBank Managing Director and CEO, Segun Agbaje, said that the bank’s financial performance in 2014 attests to the inherent soundness of “our strategy and resilience of our earnings.”
Agbaje said: “We remain committed to maximising shareholder value and delivering superior and sustainable returns. Our objective is to remain a leading player in the financial services sector whilst expanding our franchise in select, high growth African markets where we believe we have competitive advantage.
“The Group has delivered a respectable Profit Before Tax of N116.39 billion in spite of all the headwinds the industry experienced in 2014.”
•Photo shows GTBank MD/CEO, Segun Agbaje.
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