NIGERIA – Guaranty Trust Bank (GTBank) has reported Profit before tax of ₦167.4 billion (US$433.17 million), representing a decrease of 1.9% over ₦170.7 billion (US$441 million) recorded in the corresponding period of September 2019 and an improvement on the 5.2% dip posted in H1-2020 relative to H1-2019.
Loan and Deposit book however grew by 4.5% and 25.1% from ₦1.502 trillion (US$3.89 billion) and ₦2.640 trillion (US$6.83 billion) recorded as of December 2019 to ₦1.569 trillion (US$4.06 billion) and ₦3.303 trillion (US$8.55 billion) in September 2020 respectively.
Guaranty Trust Bank’s Balance sheet remained well structured, diversified and resilient with Total assets and Shareholders’ Funds closing at ₦4.574 trillion (US$11.84 billion) and ₦755.5 billion (US$1.95 billion) respectively.
Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 23.9%, while Asset quality was sustained as NPL ratio and Cost of Risk (COR) closed at 6.5% and 0.6% in September 2020 from 6.5% and 0.3% in December 2019 respectively.
“Our 3rd Quarter result is a reflection of how we have appropriately positioned our balance sheet to cope with current economic realities and the challenging business environment.”Mr. Segun Agbaje – Managing Director/CEO, Guaranty Trust Bank plc
“Our 3rd Quarter result is a reflection of how we have appropriately positioned our balance sheet to cope with current economic realities and the challenging business environment,” the Managing Director/CEO of Guaranty Trust Bank plc, Mr. Segun Agbaje, commented on the financial results
“It is also testament to the enduring loyalty of our customers, the hard work and dedication of our staff and the unwavering support we continue to enjoy from all our stakeholders in our drive to deliver best-in-class financial services and superior and sustainable returns.”
Overall, Guaranty Trust Bank plc continues to be best in the Nigerian banking industry in terms of all financial ratios i.e. Post-Tax Return on Equity (ROAE) of 26.3%, Post-Tax Return on Assets (ROAA) of 4.6%, and Cost to Income ratio of 40.2%.
“As an organization, we will continue to build on our commitment to enriching lives by leveraging our digital-first customer-centric strategy to improve customer experience and maintain a high standard in service delivery, and going beyond banking to create and drive innovative financial solutions that add value to our customers in all aspects of their lives.”
Renowned for its forward-thinking approach to financial services and customer engagement, GTBank was recently ranked Africa’s Most Admired Finance Brand in the 10th-anniversary rankings of Brand Africa 100: Africa’s Best Brands, the pre-eminent survey and ranking of the Top 100 admired brands in Africa.
The 3rd Quarter result shows improved performance across key financial metrics, reaffirming the Bank’s capability to navigate the current economic challenges occasioned by impact of COVID 19 on World economies. The performance reflects its position as one of the leading and best managed financial institutions in Africa.
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