GTBank Total Assets Hits N4.574trn, Posts N167.4bn PBT In Nine Months,
By Our Correspondent
Guaranty Trust Bank Plc unaudited financial results for the period ended September 30, 2020 released to the Nigerian and London Stock Exchanges which shows improved performance across key financial metrics, reaffirms the Bank’s capability to navigate the current economic challenges occasioned by impact of COVID 19 on World economies.
The performance reflects the Lender’s position as one of the leading and best managed financial institutions in Africa.
The Group reported profit before tax of N167.4 billion, representing a decrease of 1.9 per cent over N170.7 billion recorded in the corresponding period of September 2019 and an improvement on the 5.2 per cent dip posted in H1-2020 relative to H1-2019.
The bank’s Loan and Deposit book grew by 4.5 per cent and 25.1 per cent from N1.502 trillion and N2.640 trillion recorded as at December 2019 to N1.569 trillion and N3.303 trillion in September 2020 respectively.
GTBank’s balance sheet remained well structured, diversified and resilient with total assets and shareholders’ funds closing at N4.574 trillion and N755.5 billion respectively. Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 23.9 per cent, while asset quality was sustained as NPL ratio and Cost of Risk (COR) closed at 6.5 per cent and 0.6 per cent in September 2020 from 6.5 per cent and 0.3 per cent in December 2019 respectively.
Commenting on the financial results, the Managing Director/CEO, Guaranty Trust Bank Plc, Mr. Segun Agbaje, said; “Our third 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.
“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.”
Further he stated that; “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.”
GTBank has continued to maintain a leading position in the Nigerian banking industry in terms of many financial ratios i.e. Post-Tax Return on Equity (ROAE) of 26.3 per cent, Post-Tax Return on Assets (ROAA) of 4.6 per cent and Cost to Income ratio of 40.2 per cent.
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 Bank was also awarded the Best Bank in Nigeria by Euromoney Magazine for a record-extending tenth time and the Euromoney Excellence in Leadership Africa Award for its swift reaction in responding to the Covid-19 crisis and for addressing the impact of the pandemic on its customers and communities.
