GTBank Announces N58.2bn Profit Before Tax in Q1 2020
By UDO ONYEKA
Guaranty Trust Bank Plc, has announced its unaudited financial results for the period ended March 31, 2020, to the Nigerian and London Stock Exchanges.
The results shows positive performance across many financial indices, reaffirming the Bank’s position as prudently run profitable financial institution.
The Lenders Profit before tax stood at N58.2 billion, which indicates a 2.1 per cent growth over N57.0 billion recorded in the corresponding period of March 2019.
The Bank’s Loan Book grew by 8.0 per cent from N1.502 trillion as at December 2019 to N1.622 trillion in March 2020, while customers’ deposit increased by 9.3 per cent to N2.768 trillion from N2.533 trillion in the same period under review.
The report showed Total assets and Shareholders’ Funds closing at N4.057 trillion and N661.1 billion respectively.
Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 23.5 per cent. In terms of Asset quality, NPL ratio and Cost of Risk (COR) improved to 6.0 per cent and 0.1 per cent in March 2020 from 6.5 per cenr and 0.3 per cent in December 2019 respectively.
Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr. Segun Agbaje, said; “These are very difficult and uncertain times, not just for the financial services sector and the economy as a whole, but also for hundreds of millions of people around the world whose lives and livelihoods have been put at risk by the COVID-19 pandemic. ” At GTBank, we know that the impact of this pandemic may sustain for months to come, but we remain positive that, by staying nimble and continuing to build on the strength of our businesses, we are appropriately positioned to cope with emerging economic realities, as reflected in our first quarter result”, Agbaje said.
