GTB | A cut above

GTB's H1 '18 results showed management is on track to meet full year guidance. Whilst PBT growth of 8.4% yoy implies no growth in real terms, it is indicative of management's prudent approach. The low yield environment and competition for deposits negatively affected the Group's NIM. However, GTB is well positioned to benefit when the lending cycle turns with sufficient capital buffers (CAR: 22%) and a low loan to funding ratio (48.2%). Management continue to differentiate themselves with t...