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Inside GT Bank’s 2017 results

Onome Ohwovoriole by Onome Ohwovoriole
March 16, 2018
in Markets, Stock Market
Here’s why GT Bank took over Ladoja’s property.

Segun Agbaje, GTBank CEO

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GT Bank recently released its financial statements for the year ended December 2017. Interest income increased from ₦262 billion in 2016 to ₦327 billion in 2017. Profit before tax rose from ₦165 billion in 2016 to ₦200 billion in 2017, the highest so far in the bank’s history. Profit after tax increased from ₦132 billion in 2016 to ₦170 billion in 2017. Earnings per share also moved upwards from ₦4.67 in 2016 to ₦6.03 in 2017.

GT Bank declared a final dividend of ₦2.40 per share, having paid an interim dividend of ₦0.30 last year. The total dividend paid, thus amounts to ₦2.70, a 44.7% pay-out ratio.

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Interest income rose sharply

The sharp rise in interest income was driven largely by income from treasury bills. Interest income from investment securities rose massively from ₦53 billion in 2016 to ₦99 billion in 2017.  The bank hugely increased the volume of securities it held for trading. Bonds held for trading quadrupled from ₦391 million in 2016 to ₦6.9 billion in 2017. Treasury bills held for trading increased from ₦11.6billion in 2016 to ₦17 billion in 2017.

Net trading income also increased massively from ₦5.2 billion in 2016 to ₦11.3 billion in 2017, largely due to income from treasury bills trading. This tripled from ₦1.3 billion in 2016 to ₦4 billion in 2017.

A greater proportion of the interest income was also generated in Nigeria. Nigeria accounted for ₦282 billion of the ₦327 billion made as interest income in 2017.

Impairments fell sharply

GT Bank seems to have bucked the trend regarding impairments, as impairments fell massively from ₦65.2 billion in 2016 to ₦12.1 billion in 2017. Results released so far by Zenith and Stanbic Ibtc showed a sharp increase in impairments.

Other income fell monumentally

Other income fell sharply from ₦107 billion in 2016 to ₦37 billion in 2017. The drop is largely due to the absence of foreign exchange revaluation gains. Foreign exchange rate depreciated in 2016, due to a sharp fall in crude oil income and production volumes.

Corporate banking remains a key driver

Corporate banking remains a key driver in terms of both top and bottom lines. Corporate banking contributed ₦222 billion of the ₦356 billion made as revenue in 2017. It also contributed ₦113 billion of the ₦157 billion made as profit by the bank in 2017.

Corporate banking also had the largest growth segment-wise, compared to the corresponding period of the prior year. Profit after tax from corporate banking increased from ₦87 billion in 2016 to ₦113 billion in 2017.  SME banking also showed strong growth with profit after tax from this segment rising from ₦1.8 billion in 2016 to ₦2.7 billion in 2017.

Surprisingly, retail banking had the least growth year on year, in terms of profit. Retail banking grew from ₦26.5 billion in 2016 to ₦28 billion in 2017.

Nigeria remains another major driver

Across countries, Nigeria remains another key driver, generating ₦182 billion of the ₦200 billion made as profit before tax. Profit before tax for the rest of West Africa improved from ₦11.5 billion in 2016 to ₦15.7 billion in 2017. The rest of West African operations comprises Ghana, Gambia, Sierra Leone, Liberia, and Cote D’Ivoire.

Profit before tax for East African operations showed a massive decline from ₦1.6 billion in 2016 to ₦705 million in 2017. East African operations comprise Kenya, Uganda, Rwanda and Tanzania.

Customers’ deposits grew slightly

Deposits from customers grew marginally in 2017. Customer deposits increased from ₦1.98 billion in 2016 to ₦2 billion in 2017. This could mean that customers saved less within the period under review, or the bank attracted fewer new customers.


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Tags: GTCO Holdings
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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