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GUARANTY H1’2017 PERFORMANCE SNAPSHOT : PAT rise to N101.10b ; Declares N0.30 Interim dividend



Guaranty Trust Bank Plc (GUARANTY)  released its six months audited results for the period ended June 30th 2017, late yesterday, being 15th August, 2017.

From the result gathered,

Gross Earnings grew by 2.01% y/y to N214.10 billion, so was Operating Expenses by 23.98% y/y.

Profit before Tax (enhanced by 51.1%y/y growth in interest income which more than offset the significant decline in non-interest income (-52.85% y/y) and Profit after Tax, both increased significantly by 17.99% y/y and 16.60% y/y to N101.10 bilion and N83.68 billion respectively after an income tax reduction of 25.15%y/y.

Earnings per share (EPS) also grew to N2.94 in the period, compared with N2.54 recorded in the previous year. The directors also proposed an interim dividend of N0.30 per share, set for a closure date on 24th August, 2017 and a payment date set for 5th September, 2017.

Nevertheless, Non-Interest Income was down by 51.8%y/y to N48.2 billion (vs 30th June2016: N100.1 billion), due  to decline in foreign exchange income(FX revaluation gains).

Commenting on the financial results, Mr. Segun Agbaje, the Managing Director/CEOof Guaranty Trust Bank Plc, said that “Our strong performance in the first half of 2017 reflects the strength of our businesses, the quality of our past decisions and the success of our efforts towards becoming a digital-first customer-centric Bank that offers simple and easily accessible products and services.”He further stated that “Despite the challenging environment of slow economic growth, we focused our resources on strengthening relationships without customers, creating business platforms that seek to add value across all customer segments, whilst consolidating our leading position in all the economies in which we operate”.

Finally, GUARANTY H1 result was impressive compared to the previous quarter.Based on our TP of N37.10 which it closed today, we have a HOLD recommendation on the stock.


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