…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’scapability to navigate the current economic challenges occasioned by impact of COVID 19 on Worldeconomies.
The
performance reflects its position as one of the leading and best
managed financialinstitutions in Africa. The Group reported Profit
before tax of ₦167.4billion, representing a decrease of1.9% over
₦170.7billion recorded in the corresponding period of September 2019 and
an improvement onthe 5.2% dip posted in H1-2020 relative to H1-2019.
Loan and Deposit book however grew by 4.5% and25.1% 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 assetsand Shareholders’ Funds closing at
₦4.574trillion and ₦755.5billion respectively.
Full
Impact CapitalAdequacy Ratio (CAR) remained very strong, closing at
23.9%, while Asset quality was sustained as NPLratio and Cost of Risk
(COR) closed at 6.5% and 0.6% in September 2020 from 6.5% and 0.3%
inDecember 2019 respectively. Commenting on the financial results, the
Managing Director/CEO of Guaranty Trust Bank plc, Mr. SegunAgbaje, said;
“Our 3rd Quarter result is a reflection of how we have appropriately
positioned our balancesheet to cope with current economic realities and
the challenging business environment.
It
is alsotestament to the enduring loyalty of our customers, the hard
work and dedication of our staff and theunwavering support we continue
to enjoy from all our stakeholders in our drive to deliver
best-in-classfinancial services and superior and sustainable returns.”
He further stated that; “As an organization, we will continue to build
on our commitment to enriching livesby leveraging our digital-first
customer-centric strategy to improve customer experience and maintain
ahigh standard in service delivery, and going beyond banking to create
and drive innovative financialsolutions 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 allfinancial ratios i.e. Post-Tax Return on Equity (ROAE) of
26.3%, Post-Tax Return on Assets (ROAA) of4.6%, and Cost to Income ratio
of 40.2%. Renowned for its forward-thinking approach to financial
services and customer engagement, GTBank wasrecently ranked Africa’s
Most Admired Finance Brand in the 10th-anniversary rankings of Brand
Africa100: Africa’s Best Brands, the pre-eminent survey and ranking of
the Top 100 admired brands in Africa.
TheBank
was also awarded the Best Bank in Nigeria by Euromoney Magazine for a
record-extendingtenth time and the Euromoney Excellence in Leadership
Africa Award for its swift reaction in respondingto the Covid-19 crisis
and for addressing the impact of the pandemic on its customers and
communities.
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