Gtbank records n200bn profit before tax for 2017
According to the 2017 Annual Report and Financial Statements of Guaranty Trust Bank (GTBank), the bank recorded a profit before tax (PBT) of N200.2 billion for the year ended December 31, 2017.
This represents a significant increase of 14.4% from the N175.1 billion PBT recorded in 2016. The bank's profit after tax (PAT) also rose by 14.4% to N174.9 billion in 2017, from N153.4 billion in 2016.
The bank's impressive financial performance was driven by a combination of factors, including:
- Strong revenue growth: GTBank's gross earnings increased by 14.1% to N744.5 billion in 2017, from N652.3 billion in 2016.
- Improved operating efficiency: The bank's cost-to-income ratio improved to 58.3% in 2017, from 61.4% in 2016, indicating a more efficient use of resources.
- Strong asset quality: GTBank's non-performing loan (NPL) ratio remained low at 4.4% in 2017, indicating a strong asset quality.
- Diversification of income streams: The bank's income streams were diversified across various business segments, including corporate banking, retail banking, and treasury.
Overall, GTBank's 2017 financial performance was impressive, reflecting the bank's strong brand, efficient operations, and strategic focus on growth and profitability.