GTBank is Number One Bank and Not Zenith -GTB CEO…..Zenith Bank is The Leader-Sir Nwosu



The controversy over which bank is the leader in Nigeria cropped up at the annual general meeting of Guaranty Trust Bank at the weekend held in Oriental Hotels, Lagos with the former National Co-ordinator of Independent Shareholders Association of Nigeria(ISAN),Sir Sunny Nwosu asking the board and management of the bank to buckle up  and reclaim its number one position since its now in the number two position.

It should be recalled that another shareholder leader,Dr Farouk Umar recently stated that Zenith Bank is the leader in the industry.

Reacting to that assertion the GTBank CEO,Segun Agbaje said that he knew of only one bank(Zenith Bank ,which he didnt mention by name)that paid little more dividend than his bank,but that GTB made more profit than the bank in question.

Going further,he informed that it paid out dividend with an eye to further build the business as it could not pay out all its profit by way of dividend ,as their policy is to build a brand that would out last its current operators.

The bank  paid a total dividend of 200 kobo per share or N58.862 billion in total including an interim dividend of 25 kobo  and  a final dividend of 175 kobo or N51.504 billion  approved by the shareholders at the  annual general meeting . It should be noted that Zenith Bank paid a total dividend of N2.02Kobo

GTbank reported gross earnings of N414.62 billion for 2016, showing an increase of 37 per cent from N301.85 billion in 2015. The gross earnings were driven primarily by growth in interest income as well as foreign exchange income.Interest income rose by 14.5 per cent to N262.5 billion, from N229.2 billion of the previous year.While its net interest income stood at N195.4 billion in 2016, movingup from N159.9 billion, showing an increase of 22.2 per cent. Investment and other operating income jumped by 109 per cent from N72.61 billion, to N152.1 billion.

Its operating expenses rose by 17.9 per cent to N113.6 billion, from N96.4 billion. Profit before tax stood at N165.14billion, representing a growth of 37 per cent against the  N120.69billion recorded in 2015, while profit after tax rose from N99.436 billion in 2015 to N132 billion.

GTBank’s loan book grew by 16 per cent from N1.373trillion in 2015 to N1.590 trillion in 2016, just as total deposits grew by 29 per cent to N2.111trillion from N1.637trillion in 2015. Loans to deposits ratio reduced from 83.9 per cent to 73.3 per cent in 2016.Net margin stood at 31.9 per cent compared with 32.9 per cent in 2015.

Its total assets and contingents stood at N3.70 trillion and shareholders’ funds of N504.9 billion. GTBank’s non-performing loans remained low and within regulatory threshold at 3.66 per cent with adequate coverage of 131.79 per cent.