Q1, 2021: GTBank Records 7.8% Slid In PBT To N53.7bn
Guaranty Trust Bank,(GTBank) has reported a profit before tax, (PBT) of N53.7 billion during its operation in the first quarter of 2021.
This was disclosed in GTBank’s unaudited financial results sent to the Nigerian and London Stock Exchanges.
The figure represented a drop of 7.8 per cent over N58.2 billion recorded in the corresponding period of March 2020.
However a review of the result shows a resilient performance across all key financial metrics in the face of the unprecedented macroeconomic challenges, reflecting the quality of past decisions and reaffirming its position as one of the best managed financial institutions in Africa.
Deposit Liabilities increased by 3.0 per cent from N3.611 trillion in December 2020 to N3.717 trillion in March 2021, whilst the Group’s Loan book (Net) dipped by 1.4 per cent from N1.663 trillion recorded as at December 2020 to N1.639 trillion in March 2021.
The Bank’s Balance sheet remained well structured and diversified with Total assets and Shareholders’ Funds closing at N4.993 trillion and N837.2 billion respectively.
The Lender’s Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 26.1 per cent, while Asset quality was sustained as NPL ratio and Cost of Risk (COR) closed at 6.1 per cent (Bank: 5.6 per cent) and 0.11 per cent (Bank: 0.02 per cent) in March 2021 from 6.0 per cent (Bank: 5.9 per cent) and 0.08 per cent(Bank: 0.01 per cent) in March 2020 respectively.
Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr. Segun Agbaje, said; “We have started off the 2021 financial year on a fair footing, and our first-quarter results demonstrate our ability to continue delivering strong and sustainable returns, despite the macroeconomic uncertainties that persist in our business environment. This is a reflection of the resilience of our franchise, our prudent approach to risk management, and the efficacy of our digital-first customer-centric business strategy.”
He further stated that; “Looking forward, we are optimistic about the long-term value that we will continue to create as an organization. We strongly believe that our new growth strategy, together with the enduring loyalty of our customers, the hard work and dedication of our staff, and the unwavering support we continue to enjoy from our shareholders, will enable us to drive and deliver best-in-class financial solutions for people, businesses and communities across Africa and beyond.”
GTBank plc continues to post one of the best metrics in the Nigerian Banking industry in terms of all Financial Ratios i.e. Return on Equity (ROAE) of 26.0 per cent, Return on Assets (ROAA) of 4.3 per cent, Full Impact Capital Adequacy Ratio (CAR) of 26.1 per cent and Cost to Income ratio of 42.6 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.
