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% |
Get the results as released in the NSE portal
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