By Nkiruka Nnorom
Guaranty Trust Bank Plc has grown its total deposit for the first quarter ended March 31, 2021 (Q1’21) to N3.717 trillion, representing 3.0 percent increase compared to N3.611 trillion recorded in Q1’20.
The financial report of the bank for the period released in the Nigerian Exchange Limited, however, showed that the bank’s profit before tax dropped by 7.8 percent to N53.7 billion from N58.2 billion recorded in the corresponding period in Q1’20.
The bank’s Capital Adequacy Ratio (CAR) remained very strong, closing at 26.1 percent, while asset quality was sustained as Non-Performing Loan (NPL) ratio and Cost of Risk (COR) closed at 6.1 percent and 0.11 percent in March 2021 from 6.0 percent and 0.08 percent in March 2020 respectively.
Commenting on the financial results, Mr. Segun Agbaje, Managing Director/CEO, Guaranty Trust Bank Plc, 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.
“Looking forward, we are optimistic about the long-term value that we will continue to create as an organization.’