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GTBank grows pretax profit by 2.8% to N238.1bn

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GTBankBy Peter Egwuatu

Despite the impact of coronavirus, COVID-19 and lockdown of the economy, Guaranty Trust Bank, GTBank, Plc has recorded a growth of 2.8 per cent in its Profit Before Tax, PBT to N238.1 billion for the audited financial result ended December 31, 2021 from N231.7 billion in the corresponding period of 2019.

A review of the result released to both Nigerian Stock Exchange, and London Stock Exchange, shows improved performance across major key financial metrics in the face of the unprecedented challenges.

Specifically, the Group’s Loan book (Net) grew by 10.7 per cent to N1.663 trillion in December 2020 from N1.502 trillion recorded as at December 2019, while customers’ deposits increased by 38.6 per cent  to N3.509 trillion from N2.533 trillion.

The Bank’s sheet remained well structured, diversified and resilient with total assets and shareholders’ funds closing at N4.945 trillion and N814.4 billion respectively. Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 21.9 per cent, while Asset quality was sustained as Non Performing Loan, NPL ratio and Cost of Risk (COR) closed at 6.4 per cent (Bank: 5.9 per cent ) and 1.2 per cent  (Bank: 1.0 per cent ) in December 2020 from 6.5 per cent  (Bank: 6.2 per cent ) and 0.3 per cent  (Bank: 0.2 per cent ) in December 2019 respectively.

Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr. Segun Agbaje, said; “2020 was arguably the most challenging year that the world has faced in decades. In such unprecedented times, we sought to live out the full extent of our values; safeguarding lives and livelihoods for our people, our customers and across the communities where we operate. We were on solid footing going into 2020; the strength, scale and liquidity of our balance sheet, coupled with the quality of our past decisions and the efficacy of our digital-first customer-centric strategy gave us the resilience and flexibility to navigate the economic shocks and market volatility that dominated the year.”

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He further stated that:  “Amidst the many challenges that persist, we remain ardent believers in Africa’s growth potential. Our world is increasingly digital, and we see it opening new and exciting opportunities for empowering people and uplifting our communities. With our commitment to deepening customer relationships and intense focus on delivering innovative financial solutions, we enter 2021 well-positioned to lead this new world.”

Vanguard News Nigeria

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