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MarketScreener Homepage  >  Equities  >  NIGERIAN STOCK EXCHANGE,THE  >  Guaranty Trust Bank Plc    GUARANT   NGGUARANTY06

GUARANTY TRUST BANK PLC (GUARANT)
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Guaranty Trust Bank : GTBank Foresees 10% Loan Growth

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08/15/2018 | 10:51am CEST

Chief Executive Officer of Guaranty Trust Bank Plc (GTBank), Mr. Segun Agbaje

Guaranty Trust Bank (GTBank) plans to use some of its cash deposits to help grow its loan book by 10 per cent by the end of the year after credit declined in the first half, the bank said yesterday.

The bank expects to boost loans to compensate for a drop in yields from treasury investments.

The chief executive, GTBank, Mr. Segun Agbaje said the bank could earn a yield of about 7-9 per cent on loans compared with cash deposits in foreign banks earning two percent.

Agbaje said the bank would take $700 million to $800 million out of its placements with foreign banks and deploy that into loans.

“We will still see some growth in our upstream (oil and gas) book,” Agbaje was quoted by Reuters to have said.

Loans fell 11 percent in the six months to June following a nine per cent decline last year, the bank said on a call with analysts.

Agbaje said interest income declined as yields on treasury bills fell but the bank would push fees and commissions to boost growth.

GTBank posted 8.4 per cent rise in pre-tax profit to N109.6 billion for the first half while interest income was N117.93 billion versus N129.54 billion a year ago.

Several lenders expect to grow loans this year as the Nigerian economy recovers from a 2016 recession.

Agbaje said he wants to grow profit from African subsidiaries to around 20 percent by boosting the performance of its East African businesses. He said units outside Nigeria accounted for about 12 percent of profit.

(c) 2018 THISDAY NEWSPAPERS LTD. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials (NGN)
Sales 2018 343 B
EBIT 2018 296 B
Net income 2018 174 B
Debt 2018 -
Yield 2018 7,47%
P/E ratio 2018 6,47
P/E ratio 2019 5,92
Capi. / Sales 2018 3,33x
Capi. / Sales 2019 3,02x
Capitalization 1 142 B
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 50,1  NGN
Spread / Average Target 31%
EPS Revisions
Managers
NameTitle
J. K. Olusegun Agbaje Chief Executive Officer, Executive Director & MD
Osaretin Afusat Demuren Chairman
Omotayo Asupoto General Manager & Head-Operations Division
Olusina Ayegbusi General Manager & Head-Technology Division
Olutola O. Omotola Executive Director
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