…….. Reports Profit before Tax of
₦167.4
Billion
Guaranty Trust Bank plc has
released its unaudited financial results for the period ended September 30,
2020 to the Nigerian and London Stock Exchanges.
The 3rd Quarter result shows
improved performance across key financial metrics, reaffirming the Bank’s
capability to navigate the current economic challenges occasioned by impact of
COVID 19 on World economies. The performance reflects its position as one of
the leading and best managed financial institutions in Africa. The Group
reported Profit before tax of ₦167.4billion, representing a
decrease of 1.9% over ₦170.7billion recorded in the
corresponding period of September 2019 and an improvement on the 5.2% dip
posted in H1-2020 relative to H1-2019. Loan and Deposit book however grew by
4.5% and 25.1% from ₦1.502trillion and ₦2.640trillion
recorded as at December 2019 to ₦1.569trillion
and ₦3.303trillion
in September 2020 respectively.
Guaranty Trust Bank’s Balance
sheet remained well structured, diversified and resilient with Total assets and
Shareholders’ Funds closing at ₦4.574trillion and ₦755.5billion
respectively. Full Impact Capital Adequacy Ratio (CAR) remained very strong,
closing at 23.9%, while Asset quality was sustained as NPL ratio and Cost of
Risk (COR) closed at 6.5% and 0.6% in September 2020 from 6.5% and 0.3% in
December 2019 respectively.
Commenting on the financial
results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr. Segun
Agbaje, said; “Our 3rd 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.”
He further 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.”
Overall, Guaranty Trust Bank plc
continues to be best in the Nigerian banking industry in terms of all financial
ratios i.e. Post-Tax Return on Equity (ROAE) of 26.3%, Post-Tax Return on
Assets (ROAA) of 4.6%, and Cost to Income ratio of 40.2%.
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.
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