20th Oct 2011 14:45
Guaranty Trust Bank Plc
Statement to the Nigerian Stock Exchange and the Shareholders on the unaudited results for the nine months ended 30 September, 2011
The Board of Directors of Guaranty Trust Bank Plc is pleased to announce the Group's unaudited results for the nine months ended 30 September, 2011.
Balance Sheets as at | Group | Group | Bank | Bank |
| |||||
30 September, 2011 | 30 Sep-11 | 30 Jun-11 | 30 Sep-11 | 30 Jun-11 |
| |||||
Audited | Audited |
| ||||||||
N'million | N'million | N'million | N'million |
| ||||||
ASSETS | ||||||||||
Cash in hand and balances with CBN | 74,445 | 71,426 | 66,312 | 68,474 | ||||||
Treasury bills | 182,340 | 222,315 | 167,948 | 202,265 | ||||||
Due from other banks | 317,568 | 296,110 | 276,681 | 253,180 | ||||||
Loans and advances to customers | 703,732 | 627,334 | 666,570 | 590,388 | ||||||
Advances under finance lease | 2 | 4 | - | - | ||||||
Insurance receivables | 1,724 | 1,756 | - | - | ||||||
Investment securities | 123,348 | 105,612 | 113,382 | 99,630 | ||||||
Investment in subsidiaries | - | - | 30,116 | 30,116 | ||||||
Trading properties | 7,458 | 7,103 | - | - | ||||||
Other assets | 23,018 | 19,399 | 17,007 | 13,037 | ||||||
Deferred tax assets | 446 | 391 | - | - | ||||||
Property and equipment | 54,578 | 52,908 | 49,001 | 47,615 | ||||||
Goodwill on consolidation | 354 | 354 | - | - | ||||||
TOTAL ASSETS | 1,489,013 | 1,404,712 | 1,387,017 | 1,304,705 | ||||||
LIABILITIES |
| |||||||||
Customers' deposits | 957,762 | 915,640 | 888,772 | 850,912 | ||||||
Due to other banks | 17,826 | 18,932 | 7,172 | 7,863 | ||||||
Claims payable | 1,160 | 1,160 | - | - | ||||||
Finance lease obligations | 3,055 | 1,628 | 3,055 | 1,628 | ||||||
Liability on investment contracts | 2,234 | 2,100 | - | - | ||||||
Liabilities on insurance contracts | 3,717 | 3,994 | - | - | ||||||
Current income tax payable | 10,384 | 11,984 | 9,480 | 10,970 | ||||||
Other liabilities | 67,025 | 64,923 | 56,508 | 53,132 | ||||||
Deferred tax liabilities | 4,384 | 3,916 | 4,161 | 3,771 | ||||||
Retirement benefit obligations | 163 | 160 | 146 | 145 | ||||||
Debt securities in issue | 143,934 | 138,639 | 13,165 | 13,165 | ||||||
Other borrowings | 44,961 | 20,939 | 179,435 | 148,424 | ||||||
TOTAL LIABILITIES | 1,256,605 | 1,184,015 | 1,161,894 | 1,090,010 | ||||||
NET ASSETS | 232,408 | 220,697 | 225,123 | 214,695 | ||||||
CAPITAL AND RESERVES | |||||||
Share capital | 14,716 | 14,573 | 14,716 | 14,573 | |||
Share premium | 123,515 | 119,077 | 123,515 | 119,077 | |||
Translation reserve | 785 | (91) | - | - | |||
Retained earnings | 22,323 | 20,191 | 25,145 | 23,238 | |||
Other reserves | 64,965 | 61,008 | 61,747 | 57,807 | |||
EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT | 226,304 | 214,758 | 225,123 | 214,695 | |||
Non-controlling interest | 6,104 | 5,939 | - | - | |||
TOTAL EQUITY | 232,408 | 220,697 | 225,123 | 214,695 | |||
GUARANTEES AND OTHER COMMITMENTS | |||||||
ON BEHALF OF CUSTOMERS | 447,561 | 464,656 | 419,156 | 423,911 | |||
TOTAL ASSETS AND CONTINGENTS | 1,936,574 | 1,869,368 | 1,806,173 | 1,728,616 | |||
Profit and Loss Accounts | Group | Group | Bank | Bank | |||
For the 9 months period ended | 30 Sep-11 | 30 Sep-10 | 30 Sep-11 | 30 Sep-10 | |||
N'million | N'million | N'million | N'million | ||||
Gross Earnings | 138,372 |
119,807 |
126,143 | 107,177 | |||
Interest and similar income | 94,069 | 84,844 | 87,645 | 78,467 | |||
Interest and similar expenses | (19,584) | (24,668) | (17,367) | (22,059) | |||
Net interest margin | 74,485 | 60,176 | 70,278 | 56,408 | |||
Fee and commission income | 34,388 | 26,844 | 30,501 | 24,417 | |||
Fee and commission expense | (2,395) | (828) | (2,389) | (616) | |||
Net fee and commission income | 31,993 |
26,016 |
28,112 |
23,801 | |||
Net foreign exchange income | 5,741 | 3,448 | 4,293 | 2,632 | |||
Underwriting profit | 916 | 608 | - | - | |||
Income from investments | 1,029 | 4,063 | 1,475 | 1,661 | |||
Operating income | 114,164 | 94,311 | 104,158 | 84,502 | |||
Operating expenses | (53,664) | (51,297) | (46,866) | (44,795) | |||
Loan loss expenses | (10,983) | (4,045) | (9,892) | (3,683) | |||
Diminution in other asset values | (186) | - | - | - | |||
Profit on ordinary activities before tax | 49,331 | 38,969 | 47,400 | 36,024 | |||
Taxation | (10,619) | (8,147) | (9,480) | (7,205) | |||
Profit on ordinary activities after tax | 38,712 | 30,822 | 37,920 | 28,819 | |||
Extra-ordinary item* | 2,229 | - | 2,229 | - | |||
Profit after tax and extra-ordinary item | 40,941 | 30,822 | 40,149 | 28,819 | |||
Non-controlling interest | (416) | (420) | - | - | |||
Profit attributable to equity holders of the Bank | 40,525 | 30,402 | 40,149 | 28,819 | |||
Group | Group | Bank | Bank | ||||
Sep-11 | Jun-11 | Sep-11 | Jun-11 | ||||
Audited | Audited | ||||||
Total non performing loans and advances (N'million) | 20,407 | 23,560 | 17,112 | 21,622 | |||
Total non performing loans to total loans and advances (%) | 2.78 | 3.61 | 2.47 | 3.53 | |||
Group | Group | Bank | Bank | ||||
Sep-11 | Sep-10 | Sep-11 | Sep-10 | ||||
Annualized EPS (Basic) (Kobo) | 173 | 174 | 172 | 165 | |||
Annualized EPS (Adjusted) (Kobo) | 173 | 138 | 172 | 131 |
*From the disposal of the Bank's holding in one of its Small and Medium
Enterprises Equity Investment Scheme (SMEEIS).
The Board of Directors expects that barring unforeseen circumstances, the trend of the above results should be maintained in the last quarter of the financial year.
By order of the Board
Olutola Omotola
Company Secretary
20 October 2011
Enquiries
GTBank | +234-1-2714591 |
Lola Odedina, Head, Communications & External Affairs | |
Pascal Or | |
MuyiwaTeriba, Investor Relations | +234-1-4484156 |
College Hill | +44 (0) 20 7457 2020 |
Tony Friend | |
Antonia Coad |
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