GTBank Adds 2.8% To N238.1bn In Pretax Profit

As faces of the COVID-19 Pandemic grind in phases, leading to a global lockdown of the economy, Guaranty Trust Bank (GTBank), has increased growth of 2.8 per cent in its Profit Before Tax, (PBT) to N238.1 billion for the audited financial result ended December 31, 2021, from N231.7 billion in the corresponding period of 2019.

Brandnewsday reports that in a statement made available to both the Nigerian Stock Exchange, and the London Stock Exchange, showed an improved performance across major key financial metrics despite the pandemic that waged against the world in 2020.

Notably, the GTBank’s Loan book (Net) grew by 10.7 per cent to N1.663 trillion in December 2020 from N1.502 trillion recorded as of December 2019, while customers’ deposits increased by 38.6 per cent to N3.509 trillion from N2.533 trillion.

Also, the Nigerian Bank’s sheet remained well structured, diversified and resilient with total assets and shareholders’ funds closing at N4.945 trillion and N814.4 billion respectively.

Guaranty Trust Bank: GTBank

Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 21.9 per cent, while Asset quality was sustained as Non-Performing Loan, NPL ratio and Cost of Risk (COR) closed at 6.4 per cent (Bank: 5.9 per cent ) and 1.2 per cent (Bank: 1.0 per cent ) in December 2020 from 6.5 per cent (Bank: 6.2 per cent ) and 0.3 per cent (Bank: 0.2 per cent ) in December 2019 respectively.

READ: GTBank Reports 2.3% Rise in Profit to N201Bn in 2020, Proposes N2.70k Final Dividend

Speaking on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr Segun Agbaje, said: “2020 was arguably the most challenging year that the world has faced in decades. In such unprecedented times, we sought to live out the full extent of our values; safeguarding lives and livelihoods for our people, our customers and across the communities where we operate.

”We were on solid footing going into 2020; the strength, scale and liquidity of our balance sheet, coupled with the quality of our past decisions and the efficacy of our digital-first customer-centric strategy gave us the resilience and flexibility to navigate the economic shocks and market volatility that dominated the year.”

Speaking further, Agbaje Said: “Amidst the many challenges that persist, we remain ardent believers in Africa’s growth potential.

”Our world is increasingly digital, and we see it opening new and exciting opportunities for empowering people and uplifting our communities. With our commitment to deepening customer relationships and intense focus on delivering innovative financial solutions, we enter 2021 well-positioned to lead this new world.”