2016 FULL YEAR INVESTORS/ANALYSTS PRESENTATION

Transcription

1 2016 FULL YEAR INVESTORS/ANALYSTS PRESENTATION 1

2 Outline Macro-economic Review Overview of FY 2016 FY 2016 Performance Review Business Segments and Subsidiary Review 2017 Guidance and Plans 2

3 Macro-economic Review

4 Macro-economic Review Economic Performance The economy officially fell into its first recession in 25 years after contracting by 0.4% and 2.1% (year-on-year) in Q1 and Q respectively. Following a further contraction of 2.2 and 1.3% in the third and fourth quarter of the year respectively, the economy shrunk by 1.5% in 2016 compared to a 2.8% growth in The contraction in economic output was mainly as a result of reduced oil price and production caused by the resurgence of militancy activities in the Niger delta, prevailing foreign exchange policy and impact of reduced FX earnings on the economy. Oil Price and External Reserves The November 2016 deal between OPEC and other non-opec members to cut oil production yielded the desired result as oil prices, which declined to as low as $27pbl in January 2016, increased to US$58 per barrel on the first trading day in Following the successful negotiations between the federal government and the Militants, vandalization of oil facilities declined significantly in the fourth quarter of the year which saw oil production increase to as high as 1.9 mbpd in Q External reserves which saw a progressive decline in the year dipped to as low as US$23.95bn in October 2016 from US$27.87bn in January 2016, started rallying up and closed the year at US$25.84bn largely as a result of increase in oil prices and production output. Inflation, Interest Rate and Exchange Rate Headline Inflation (y-o-y) trended upwards consistently throughout the year to close at 18.6% in December 2016 from 9.6% reported in January The continuous spike in headline inflation was attributable to the rising energy cost (electricity and fuel), foreign exchange illiquidity and naira devaluation. The announced liberalization of the foreign exchange market by the CBN, resulted in a 42% depreciation of the naira against the US dollars with severe consequences on businesses and households. Yields on fixed income securities rose significantly in the second half of the year resulting from the CBN s tightening stance. Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q % Parallel Interbank 2.11% 9.40% 9.60% % 12.80% % -2.24% 16.50% 17.50% 18.60% % GDP Growth Rate (%) Inflation Rate y-o-y (%) Brent Prices US$/Barrel FX Rate N/$ Average 90-day T/Bills Yield (%)

5 Overview of H rose s

6 FY 2016 Performance Review

7 Income Statement Snapshot - Group Gross Earnings ( bn) Profit Before Tax ( bn) Profit After Tax ( bn) FY FY FY % % % 99.4 Operating Income ( bn) Interest Income ( bn) Interest Expense ( bn) FY FY FY % % % 69.3 Non-Interest Income ( bn) Operating Expense ( bn) FY FY % 72.6 (18%)

8 Income Statement - Group Group Group Y-o-Y In millions of Naira Dec-2016 Dec-2015 % change Gross Earnings 414, ,850 37% - - Interest income 262, ,237 15% Interest expense (67,094) (69,290) -3% Net interest income 195, ,947 22% Loan impairment charges (65,290) (12,408) 426% Net interest income after loan impairment charges 130, ,539-12% Fee and commission income 51,274 51,866-1% Fee and commission expense (3,456) (3,079) 12% Net fee and commission income 47,818 48,786-2% - - Net gains/(losses) on financial instruments classified as held for trading 5,218 12,237-57% Other income 95,629 8, % Total Operating Expense (113,639) (96,379) 18% Profit before income tax 165, ,695 37% Income tax expense (32,856) (21,258) 55% Profit for the year 132,281 99,437 33% 8

9 Balance Sheet Snapshot - Group Total Asset ( bn) Total Liability ( bn) Total Equity ( bn) FY ,116.4 FY ,611.5 FY % 2, % 2, % Total Net Loans and Advances ( bn) Total Deposits ( bn) Investment Securities ( bn) FY ,590.1 FY ,111.3 FY % 1, % 1, % EPS (Kobo) Total Dividend (Kobo) FY FY % % 177 9

10 Balance Sheet Group Group Y-o-Y In millions of Nigerian Naira Dec-2016 Dec-2015 % change Assets Cash and cash equivalents 455, ,633 79% Financial assets held for trading 12,054 34,626-65% Derivative financial assets 1,042 - Investment securities: - - Available for sale 448, ,180 23% Held to maturity 80,156 29, % Assets pledged as collateral 48,216 61,955-22% Loans and advances to banks 654 1,052-38% Loans and advances to customers 1,589,430 1,371,926 16% Investment in subsidiaries - - Property and equipment 93,488 87,989 6% Intangible assets 13,859 12,471 11% Deferred tax assets 1,578 3,244-51% Restricted deposits and other assets 371, ,111 23% Total assets 3,116,393 2,524,594 23% 10

11 Balance Sheet Contd. Group Group Y-o-Y In millions of Nigerian Naira Dec-2016 Dec-2015 % change Liabilities Deposits from banks 125,068 26, % Deposits from customers 1,986,246 1,610, % Financial liabilities held for trading 2,065 - Derivative financial liabilities Other liabilities 115, , % Current income tax liabilities 17,928 17, % Deferred tax liabilities 17,641 6, % Debt securities issued 126, , % Other borrowed funds 219, , % Total liabilities 2,611,491 2,111, % Group Group Y-o-Y Dec-2016 Dec-2015 % change Capital and Reserves Share capital 14,716 14,716 Share premium 123, ,471 Treasury shares (5,291) (4,754) 11% Retained earnings 90,274 51,090 77% Other components of equity 272, ,651 23% Total equity attributable to owners of the Parent 496, ,173 22% Non-controlling interests in equity 8,843 6,389 38% Total equity 504, ,562 22% Total equity and liabilities 3,116,393 2,524,594 23% 11

12 Key Performance Ratios Twelve months ended December 31, 2015 Twelve months ended December 31, % Net Interest Margin 9.01% 44.40% Cost to Income 40.76% 18.17% Capital Adequacy 19.79% 42.21% Liquidity 42.19% 69.28% Loans to Deposits and Borrowings 75.31% 25.55% Return on Equity (post tax) 28.80% 4.07% 3.21% 0.91% Return on Assets (post tax) NPL to Total Loans Cost of Risk 4.69% 3.66% 4.25% % Coverage (with Reg. Risk Reserve) % 12

13 PBT Evolution Robust FY 2016 PBT Solid PBT reflecting growth across key performance indices despite weak macro. Gross Earnings, Funded Income and Non Funded Income up 37.4%, 14.5% and 109.5% respectively while interest expense improved by 3.2%. Growth in Gross Earnings was driven by 33.3Bn increase in interest income and 79.5Bn increase in non-interest income which was largely as a result of 87.3Bn increase in FX revaluation gains partially offset by 7.6Bn decline in FX trading income as a result of restriction on FX spread and decline in volume following the FX scarcity that characterized the business environment in Interest expense savings of 3.2% and OPEX growth of 17.9% despite heightened inflation bolstered performance. The growth in OPEX was largely from Increase in regulatory cost in Nigeria and the impact of the translation of subsidiaries OPEX to presentation currency of the parent on the back of the depreciation of naira against US dollar led to OPEX growth of 4.8bn as shown in the table below. Also, a breakdown of the other OPEX drivers are detailed in the subsequent slide. The strength of the Bank s earnings provided headroom for the recognition of 50.8Bn in collective impairment due to the conservative stance to create reserves for probable FX devaluation risk on the trade finance book or other loan default. Subsidiaries contribution closed at 8.2%, an improvement of 130 bps over 6.9% reported in FY2015. PBT grew by 36.8% from 120.7Bn in FY2015 to close the year at 165.1Bn. Subsidiaries Opex ( 'billions) 2016 Opex 2015 Opex Growth 2016/2015 Avg. Rate Impact of Translation Real Growth GT Bank Ghana (GHC) % 67.07/ % GT Bank Sierra Leone (Leones) % 0.05/ % GT Bank Liberia (Dollar) % / % GT Bank UK (Pounds) % / % GT Bank Gambia (Dalasi) % 6.23/ % GT Bank Cote D'Ivoire (XOF) % 0.44/ % GT Bank Kenya Group (KES) % 2.6/ % % % PBT ( 'Bn) Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Return on Assets and Equity 33.98% 29.32% 27.93% 25.55% 28.80% 5.22% 4.69% 4.24% 4.07% 4.69% Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Return on Average Assets (RoAA) Return on Average Equity (RoAE) 13

14 PBT Evolution Contd. Depreciation and Other Operating Expenses Group Group Y-o-Y Y-o-Y In billions of Naira Dec-2016 Dec-2015 change % change AMCON % Other Insurance premium % Occupancy Costs and Repairs & Maintenance % Depreciation and Amortization % Others % Total % Key OPEX Drivers Other key drivers of 18% OPEX growth are Regulatory Cost (AMCOM & Other insurance premium), Depreciation and Occupancy costs and exchange difference coming from translation impact. AMCON expenses increased due to the growth in total assets from 2.126tn in 2014 to 2.28tn in 2015 (AMCON charge is computed as 0.5% of total assets on a preceding year basis) at bank level. Occupancy Cost and Repairs & Maintenance is the expense line that warehouses costs incurred on Fuel, Diesel, Electricity, Repairs and Maintenance. The reasons for the increase are (a) Fuel price hike from N86.5/l to N145/l, hike in diesel price from N120/l to N185/l, 45% increase in electricity tariff and aggressive drive for revenue by State and Local Governments on water rates, tenement rates, land use charge etc. Repairs and maintenance cost increased as a consequence of inflation. Depreciation expense increased as a result of the exchange rate difference on depreciation and amortization expense at subsidiary level and also additions to property and equipment and purchased software during the period in order to sustain and enhance the current level of productivity in 2017 and beyond. Other OPEX lines recorded 18% growth. This line warehouses technology, training, corporate branding, advert, promotion, business travel, donations etc. The persistent rise in inflation and exchange difference during the year contributed significantly to the growth on these OPEX lines. 14

15 Revenue Generation Strong Revenue Double digit growth in interest income due to combination of yield uptick in H2 2016, increase in fixed income securities volume, risk asset yield optimisation via re-pricing and growth in naira value of FX interest income due to naira devaluation. Overall, asset yield improved slightly by 9bps from 12.48% in FY2015 to 12.57% in FY2016. Fees and commission income reduced slightly by 0.6bn (1.1%) due to slow credit growth, pegging of Account Maintenance Charges at 1 per mille and the prevailing FX policy. However, the simplicity and convenience of our USSD banking product offerings was positive for fees and commission as transfer commissions increased 111% from 3.1Bn in FY2015 to 6.6Bn in FY2016. The naira devaluation in 2016 was an upside for the Bank, contributing 94.3% ( 82.1Bn) of 87.1Bn growth in Other Income. 3% Interest Income ( Bn) % 30% % 64% 3% 2% 27% 70% % 26% 72% 2% 23% 75% Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Placements Investment Securities Loans and Advances 72% % % Non-Interest Income ( Bn) % % % 16% 17% 52.3% Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 7% Revenue Mix ( 'Bn) 24% 76% 24% 76% 86% Non Interst Income Interest Income 62% 3% 18% 81% 28% 72% 25% 75% 34% 63% Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Other income Net gains/(losses) on financial intruments classified as held for trading Fee and Commission Income 62% 12% 71% 62% 3% 15 34%

16 Effective Cost Management Cost Efficiency Despite inflationary pressure on cost, Cost to Income Ratio (CIR) remained low at 40.76%, a savings of 364 bps from 44.4% in FY2015 due to a combination of strengthened revenue and improved operational efficiency. Improved low cost mix (79% in FY16 vs 72% in FY15) as a result of growth in our retail franchise, early redemption of 25% of the Bank s US$500million Eurobond via a Tender Offer in February 2016 and final redemption of the balance of 75% in May 2016 as well as effective Term deposit management improved interest expense by 3.2% from 69.3Bn in FY15 to 67.1Bn in FY16. Cost of fund came low at 2.8%, a substantial savings of 62 bps from 3.4% in FY2015 despite increased pressure on deposit rates reflective of increase in MPR by 300 bps from 11% in December 2015 to 14% in December Cost to Income (CIR) 44.79% 44.40% 43.53% 42.73% 40.76% Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Overview of Expenses ( 'Bn) Operating Expenses (OPEX) ( 'Bn) % % % % % % 1% 1% 2% 2% % % Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Fee & Commission expense Interest expense Operating expense Loan Impairment 58% 4% 38% 53% 7% % 27% 26% % % % % % % 42% 57% % % % % % % % % 40% 29% % % Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Personnel Expense Operating Lease Expense Other Operating Expense Depreciation and Amortization

17 Balance Sheet Composition Balance Sheet Management Properly structured balance sheet with interest earning assets accounting for 74% and non-interest earning assets of 26% largely due to sterilization of 27.5% of Customers deposits in CRR. Fixed Income securities stabilized at 19% of the Balance sheet (FY %) despite marked growth of the FCY balance sheet. Total Loan book grew by 15.8% from 1.372tn in Dec.2015 to 1.590tn in FY2016, mainly driven by impact of devaluation on foreign currency loans with FCY loans comprising 55% of the loan book. Total deposits up by 29% to 2.11tn from 1.63tn in Dec.2015; growth in deposits orchestrated by an impressive growth in low cost funds of 35.5% while tenured deposits declined by 8.3% y-o-y. Liquidity ratio remained stable between comparative periods at 42.19% from 42.21% in Dec.2015 Overall, stable and diverse funding base with 22.1% increase in Total capital (mainly Tier 1) to 504.9bn from 413.6bn in Dec Components of Asset Base ( 'Bn) 1, % Loans, Deposits & Total Assets ( 'Bn) 31% 1, % 1, , % 32% 2, % 2, , , , , % 31% 2, , , , Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Total Advances and Loans Total Deposits Total Assets Diverse Funding Mix ( 'Bn) 45% 25% 30% 46% 23% 31% 46% 45% 1, % 1, , , % 3% 18% % 0.2% 0.4% % % 10% % % % 17% % % % Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Other Assets Cash & Equivalents Financial assets held for trading Investment Securities Loans 93% 51% 68% 1, , % 71% 1, , , % 17% 16% % 5% % % % 11% % % Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Deposits Total equity Other liabilities Debt securities and Other Borrowed Funds 16% 65% 69% 16% 4% 11%

18 Margin Metrics Sustained Competitive Margins Net Interest Margin NIM improved to 9.01% from 8.26% in FY2015 due to higher spread on the back of yield optimization and reduced cost of fund. Cost of fund improved by 62 bps to 2.81% in FY2016 from 3.43% in FY2015 due to drop in term deposits in favour of significant growth in low cost deposits reflective of the Bank s tenacious customer acquisition drive, and earlier repayment of the US$500 million Eurobond. 9.46% 8.87% 8.10% 8.26% 9.01% Yield uptick by 9 bps from 12.48% in FY2015 to 12.57% in FY2016 was due to combination of risk asset re-pricing and benefits from the increase in Fixed Income Securities yields in the 3 rd quarter of Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Yields on Interest earning Assets 12.65% 12.48% 12.31% 12.57% Cost of Funds 3.10% 3.33% 3.12% 3.43% 2.81% 11.66% Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 18

19 Asset Mix Asset Diversification Well diversified Loan exposures as shown in the pie-chart below. Depreciation of the Naira against US dollars however, led to growth in the Oil and Gas, Manufacturing and General Commerce contribution as a proportion of the total Loan and Advances portfolio. The increases in contribution noted resulted from conversion of the Foreign currency component of the Loan exposures in the aforementioned sectors to Naira, as no material foreign currency loans were consummated during the period under review. Also, the exchange rate movement weighed heavily and offset the impact of the loan repayments in these sectors (i.e. especially in the Oil and Gas sector). Loans by Industry Government 4% Individuals 8% *Others 7% Construction & Real Estate 8% Downstream O&G 6% Agriculture 1% Cap. Mkt. & Fin. Institutions 3% Upstream O&G 19% Manufacturing 18% Gen. Commerce 4% Midstream O&G 11% Info. Telecoms & Transp. 10% Education 1% * Includes Engineering services, Hospitality, Clubs, co-operative societies etc. 19

20 Asset Quality Asset Quality NPL ratio stood at 3.66% (Dec. 2015: 3.21%), a slight increase from FY2015. Adequate coverage levels for delinquent assets. Coverage with regulatory reserve stood at 222.9% (Dec. 2015: 186.7%) % 3.75% NPL and Coverage 3.58% 110.6% 186.7% 143.2% 3.15% 3.21% 3.66% 222.9% 4.25% Significant impairment charge on loan book resulting in a Cost of Risk of 4.25% (Dec 2015: 0.91%) was as a result of the conservative stance of accelerating collective impairment charge. 0.10% 0.31% 0.61% 0.91% NPL by Industry Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 NPL/Total Loans Cost of Risk Coverage ratio Info. Telecoms & Transport 4% *Others 7% Manufacturing 15% Midstream O&G 23% Gen. Commerce 2% Constructn & Real Est. 30% Downstream O&G 17% Individuals 2% * Includes Engineering services, Hospitality, Clubs, co-operative societies etc. 20

21 Strong Capital Ratios Bank 18.2% (52.1) (8.1) 19.8% Capital adequacy ratio, computed under Basel II requirement remained strong at 19.8% despite increase in Risk Weighted Assets (RWA) for Credit Risk owing to impact of FX devaluation. CAR at group level stood at 21%, well above the 15% regulatory limit Others comprise of additional investments in subsidiaries, increase in intangible assets (software), deferred tax assets and changes in fair value reserve. FY15 Net profit Dividend Others FY 16 Figures in bn Capital Adequacy Computation(Basel II) in millions of Naira Dec-15 Dec-16 Net Tier 1 Capital 329, ,527 Net Tier 2 Capital 3,765 (1,001) Total Regulatory Capital 333, ,527 Risk-Weighted for Credit Risk 1,505,104 1,700,023 Risk-Weighted for Operational Risk 325, ,267 Risk-Weighted for Market Risk 4,831 1,798 Aggregate Risk-Weighted Assets 1,835,072 2,049,088 Regulatory Capital - Tier 1 & 2 ( 'Bn) Capital Adequacy Tier I Risk Weighted Capital Ratio 17.96% 19.84% Tier II Risk Weighted Capital Ratio 0.21% -0.05% Total Risk Weighted Capital Ratio 18.17% 19.79% Dec 2014 Dec 2015 Dec 2016 NOTE: Investment in unconsolidated subsidiaries have been excluded. 21

22 Liquidity Ratios Strong Liquidity Position Liquidity Ratio at 42.19% in December 2016 (Dec.2015: 42.2%) well above regulatory minimum of 30% inspite of full compliance with TSA directive. Average Liquidity for the period under review stood at 38.56% 50.31% 40.07% 42.21% 42.19% Dec-13 Dec-14 Dec-15 Dec-16 22

23 Non-Financial Highlights for FY

24 Business Segments and Subsidiary Review

25 Business Segmentation Description Key figures Loans Deposits PBT Institutional and Wholesale Multinationals and large corporates (turnover N5bn) Comprises of six sectors: Energy Telecoms Maritime Wholesale Banking Corporate Banking Over 400 Customers Loans N1,150.0bn Deposits - N481.5bn PBT N115.0bn 72.4% 24.2% 70.7% : 70.1% : 23.4% : 69.4% Commercial Middle market companies (turnover between N500mm and N5bn) Extensive product range: tailor-made solutions and flexibility Custom E-commerce solutions Over 50,000 Customers Loans N191.2bn Deposits N317.8bn PBT N9.4bn 12.0% 16.0% 5.8% : 14.9% : 17.8% : 9.0% SME Small and mediumenterprises (turnover under N500mm) Products tailored to cater to small, fledgling and other types of fairly unstructured businesses Over 300,000 Customers Loans N21.5bn Deposits N211.3bn PBT N2.4bn 1.4% 10.6% 1.5% : 1.4% : 10.5% : 1.0% Retail Retail Public Sector Public Sector Deposit drive focusfor retail customer-base Rapidly developing business line 224 branches, 46 e-branches & 1,165 ATMs Extensive leverage of all distribution channels Focus on: Federal government State governments Local governments and customers Active in all government segments Over 8.3 mil. Customers Loans N164.3bn Deposits N946.0bn PBT N34.4bn All tiers of government Loans N62.4bn Deposits N29.6bn PBT N1.5bn 10.3% 47.6% 21.2% : 9.7% : 46.1% : 18.8% 3.9% 1.5% 0.9% : 3.8% : 2.3% : 1.8% 24

26 Geographical Presence GTB UK Established in % owned by parent 1 branch N9.6bn invested by parent FY 2016 PBT: N352mm ROE: 3.3% GTB Gambia Established in % owned by parent 17 branches N574.28mm invested by parent FY 2016 PBT: N1,113mm ROE: 32.3% GTB Sierra Leone Established in % owned by parent 15 branches N594.11mm invested by parent FY 2016 PBT: N1,780mm ROE: 35.1% GTB Liberia Established in % owned by parent 8 branches N1.95bn invested by parent FY 2016 PBT: N615mm ROE: 14.5% GTB Cote D Ivoire Established in % owned by parent 4 branches N5.08bn invested by parent FY 2016 PBT: (N414mm) ROE: -12.8% GTBank plc Parent Company Established in branches, 54 e-branches N476.92bn in SHF (Parent) FY 2016PBT: N154.01bn (Parent) ROE: 28.7% (Parent) GTB Kenya Acquired in % owned by parent 15 branches N17.13bn invested by parent FY 2016 PBT: N1,668mm ROE: 5.2% GTB Uganda Acquired in 2013 Subsidiary of GTB Kenya 9 branches GTB Rwanda Acquired in 2013 Subsidiary of GTB Kenya 14 branches GTBank Ghana Established in % owned by parent 34 branches N9.04bn invested by parent FY 2016 PBT: N7,145mn ROE: 29.5% 26

27 Group PBT Breakdown FY 2016 PBT Group (N bn) (0.41) (2.46) GTBank Plc (Nigeria) Ghana Sierra Leone Gambia Kenya Group Liberia United Kingdom Cote D Ivoire Consolidated Adjustment FY 2016 Group PBT 27

28 Subsidiary Highlights Millions of Naira FY 2016 vs FY 2016 vs Assets % change Loans % change Deposits % change PBT % change Cote D Ivoire Gambia Ghana Kenya Group Liberia Sierra Leone United Kingdom Nigeria 13,171 41, , ,680 30,894 37, ,405 2,613, % 61.2% 59.1% 54.7% 79.3% 36.1% 84.6% 14.7% 5,624 6,104 46,602 59,255 14,571 14,281 27,852 1,417, % 24.7% 39.3% 55.5% 125.7% 84.0% 63.7% 12.0% 6,869 23,792 82,642 82,876 22,335 30,113 56,501 1,681, % 66.8% 65.2% 61.7% 82.5% 37.1% 65.2% 18.2% (413) 1,581 7,145 1, , , % 52.3% 51.6% 88.4% 109.3% 26.6% 1,829.8% 36.3% Grand Total* 3,116, % 1,589, % 1,986, % 165,136, % Loans Deposits PBT 11% 15.4% 8.2% *post elimination entries 28

29 Guidance and Plans for FY 2017 FY 2016 Achievement FY 2017 Guidance PBT Deposit growth Loan growth Coverage (with Reg. Risk Reserve) Cost of Risk 29.0% 15.8% 4.3% N165 bn 222.9% 15% 10% 1-2% 100% N168 bn NPL to Total Loans 3.7% Below 5% Return on average Assets 4.7% 5% Return on average Equity 28.8% Above 25% Loans to Deposits and Borowings 75.3% 75% Liquidity 42.2% 40% Capital Adequacy Ratio 19.8% 20% Cost to Income 40.8% 40% Net Interest Margin 9.0% 9% 29

30 Disclaimer This presentation is based on Guaranty Trust Bank Plc ( GTBank or Bank ) s audited financial results as of and for the full year ended December 31, 2016 prepared in accordance with International Financial Reporting Standards ( IFRS ) as promulgated by the International Accounting Standards Board. The Bank has also obtained certain information in this presentation from sources it believes to be reliable. Although GTBank has taken all reasonable care to ensure that such external information are accurate and correct, the Bank makes no representation or warranty, express or implied, as to the accuracy, correctness or completenessof suchinformation. Furthermore, GTBank makes no representation or warranty, express or implied, that its future operating, financial or other results will be consistent with results implied, directly or indirectly, by information contained herein or with GTBank s past operating, financial or other results. Any information herein is as of the date of this presentation and may change without notice. GTBank undertakes no obligation to update the information in this presentation. In addition, some of the information in this presentation may be condensed or incomplete, and this presentation may not contain all material information in respect of GTBank. This presentation may also contain forward-looking statements that relate to, among other things, GTBank s plans, objectives, goals, strategies, future operations and performance. Such forward-looking statements may be characterised using words such as estimates, aims, expects, projects, believes, intends, plans, may, will and should and other similar expressions which are not the exclusive means of identifying such statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause GTBank s operating, financial or other results to be materially different from the operating, financial or other results expressed or implied by such statements. Furthermore, GTBank makes no representation or warranty, express or implied, that the operating, financial or other results anticipated by such forward-looking statements will be achieved. Such forward-looking statements represent, in each case, only one of many possible scenarios and should not be viewed as the most likely or standard scenario. GTBank undertakes no obligation to update the forward-looking statements in this presentation. 30

31 Thank You