GUARANTY Declares N184.64bn PAT in 2018 Audited Results; Proposes N2.45k Final Dividend


Wednesday, March 06,  2019  04:19 PM /NSE

Proshare Nigeria Pvt. Ltd.


 FBNQuest – Initial Reaction



GT Bank’s 2018 PBT of N215.0bn came in well ahead of management’s guidance of N205.0bn and consensus 2018 PBT forecast of N213bn. PBT also beat our 2018 forecast of c.N210bn. Consequently, we expect to see slight upward revisions to consensus 2019E earnings forecasts and a positive reaction by the market.



PBT was up 8% y/y driven by declines of -17% y/y and -29% y/y in provisions and opex respectively. The results imply cost-of-risk and cost-to-income ratios of 0.4% and 37% respectively - or the best set of efficiency ratios amongst our coverage universe. The bank’s PAT also translates to a healthy ROAE of 31.7%.  



Funding income fell by -9% y/y and missed our forecast by 4%, reflecting lower yields on earnings assets and elevated funding costs 

The bank has proposed a dividend of N2.45 per share which is around 2% higher than our N2.40 forecast and implies a yield of 6.5%. 

Year-to-date, GT Bank shares have outperformed the index. The shares have gained +10.0% compared with +2.2% for the NSE ASI. 

We rate GT Bank Outperform. Our estimates are under review. 


GT Bank Q4 2018 results: actual vs. FBNQuest Capital Research estimates (N millions)

Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.

Related News

1.       Guaranty Trust Bank Plc Notifies on the Approval of the Group’s Audited Financial Results

2.      Guaranty Trust Bank Plc Announces Closed Period for trading in the Bank’s Shares

3.      GUARANTY Declares N142.22bn PAT in Q3 2018 Results,(SP:N36.65k)

4.      GTBank Q2 2018 Results Review: Buying Opportunity Post Recent Weakness

5.      Guaranty Trust Bank Plc H1 2018 Conference Call and Earnings Presentation - The Key Takeaways

6.      GUARANTY Announces Change in Date of Closure of Register of Shareholders

7.      GUARANTY Declares N95.6bn PAT in Q2 2018 Results; Proposes N0.30kobo Interim Dividend,(SP:N39.00k)

8.     GTBank to Hold its Board Meeting On Wednesday, July 25, 2018

9.      GTBank Reports Q1 2018 Results - Funding Income Declined by 10% YoY

10.  GUARANTY Declares N44.67bn PAT in Q1 2018 Results,(SP:N44.35k)

Related News