GTBank Hits Cost to income ratio of 37.6%
Guaranty Trust Bank plc has released its audited financial results for the half year ended June 30, 2019 to the Nigerian and London Stock Exchanges. The bank returns its industry-leading cost to income ratio: 37.6% this time around: "The Bank has continued to report the best financial ratios for a Financial Institution in the industry with a return on equity (ROE) of 33.7% and a cost to income ratio of 37.6% evidencing the efficient management of the banks’ assets. These ratios are a testament to the competent and experienced management and work-force, efficient balance sheet structure and operational efficiency of the Bank."
The half year result shows positive growth across key financial metrics and reflects GTBank’s leading position as one of the best managed financial institutions in Africa. The Bank reported a Profit before Tax of ₦115.8billion, representing a growth of 5.6% over ₦109.6billion recorded in the corresponding period of 2018. The Bank’s loan book grew by 1.0% from ₦1.262trillion recorded as at December 2018 to ₦1.274trillion in June 2019 and customer deposits increased by 6.3% to ₦2.418trillion from ₦2.274trillion in December 2018.
Source: press release