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GTBank’s profit up by 7.5% to N231.7bn

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By Peter Egwuatu

Guaranty Trust Bank, GTBank, Plc has recorded a 7.5 percent growth in its Profit Before Tax, PBT, for the financial year ended December 31, 2019, posting N231.7 billion from N215.6 billion recorded in the corresponding period of 2018.

The bank, which released its audited financial results to the Nigerian and London Stock Exchanges, recorded book loan of N1.502 trillion in December 2019, representing by 19.0 percent from N1.262 trillion in December 2018.

Customers’ deposits increased by 11.4 percent to N2.533 trillion from N2.274 trillion in December 2018.

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A review of the bank’s results showed that it maintained a well-structured and diversified balance sheet with total assets and shareholders’ funds closing at N3.759 trillion and N687.3 billion, respectively.

Full Impact Capital Adequacy Ratio, CAR, remained very strong, closing at 22.5 percent. In terms of Assets quality, Non-Performing Loan, NPL, ratio improved to 6.5 percent in December 2019 from 7.3 percent in December 2018, while Cost of Risk, COR, remained flat at 0.3 percent.

Complementing the improvement noted in NPLs, the bank maintained adequate loan loss coverage of126.6 percent for Lifetime Credit Impaired Loans, NPLs, compared to 105.1 percent recorded in December 2018.

MD/CEO reacts

Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank Plc, Mr. Segun Agbaje, said: “At GTBank, we exist to provide excellent service to our customers and generate the returns that our shareholders expect.

“Our strong financial performance in 2019 demonstrates that we are delivering on both fronts. We achieved healthy growth across all our major businesses despite varying degrees of uncertainty and volatility, and we are making progress in positioning our business for long-term growth in the face of a rapidly changing competitive landscape.

“Underpinning our strong financial performance is our commitment to being there for our customers when it matters most.

“That is why, powered by the fundamental strength of our brand, and guided by our strategy of putting our customers at the centre of everything we do, we will continue to design and deliver financial services that not only solves our customers’ real pain points but also leaves them better after every interaction.”

The bank is proposing a final dividend of N2.50 kobo per unit of ordinary share held by shareholders in addition to an interim dividend of 30kobo per unit of ordinary share bringing total dividend for 2019 final year to N2.80 kobo per ordinary share.

Vanguard

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