2014 Half Year: GT Bank Posts 7% Drop In PBT, Propose Dividend Yet Shares Drop

GT Bank Plc released its 2014 Half year results showing pre-tax profits dropped 7% to N53.3billion (2013 H1: N57.3billion). The company also proposed 25kobo dividend and will cost the company about N7.3billion. Share price dropped 2% at the time of this report. The table below summarized the entire results.

GT Bank Plc	2014	2013
	H1	H1	%age Change
	N’m	N’m
Income Statement

Gross Earnings	132,985	124,202	7.07%
Interest Income	99,716	92,000	8.39%
Interest Expense	(28,153)	(23,461)	20.00%
Net Interest Income	71,563	68,539	4.41%
Exchange Commissions and Fees			#DIV/0!
Investment & Other Income	32,301	31,711	1.86%

Total Operating Income	103,864	100,250	3.60%
Operating Expenses	(45,363)	(41,569)	9.13%
Operating Profit	58,501	58,681	-0.31%
Loan Impairment	(5,105)	(1,317)	287.62%
Share of Profit/(Loss) of associate
NCI
Profit before Tax	53,396	57,364	-6.92%
Taxation	(9,388)	(8,349)	12.44%


Profit after Tax	44,008	49,015	-10.22%
Tax as a %age of PBT	17.58%	14.55%
Balance Sheet Highlights	2014 H1	Full Year
Loans & Advances	1,038,691	1,007,967	3.05%
Deposits	1,568,451	1,442,702	8.72%
Net Assets	328,649	332,353	-1.11%
Retained Earnings	42,217	55,205	-23.53%
Total Assets	2,234,035	2,102,845	6.24%
Net Assets as a percentage of loans	32%
Indices
Earnings Per Share (Kobo)	1.50	1.67	-10.22%
Outstanding Shares (Million)	29,431.18	29,431.18	0.00%
Interest Margin	71.8%	74.5%	-3.67%
Operating profit as a percentage of Operating Income	56.3%	58.5%	-3.78%
Net Interest as a percentage of loans	7.0%
Net Interest as a %age of average deposits	4.8%		#DIV/0!
Commission as a %age of Income	0.0%	0.0%	#DIV/0!
Loans as a percentage of deposit	69.0%
Loan to Average Equity	3.10
Return on Average Equity	13.3%
Return on Asset	2.7%
Cost to Income Ratio	45.9%	42.0%	9.32%
Loan Impairment to Operating Profit	8.7%	2.2%	288.82%