…Reports
Profit before Tax of ₦109.7Billion
Guaranty
Trust Bank plc has released its audited financial results for the half year
ended June 30, 2020 to the Nigerian and London Stock Exchanges.
The half
year result reflects GTBank’s leading position as one of the best managed
financial institutions in Africa. The Bank’s loan book grew by 8.1% from ₦1.502trillion
recorded as at December 2019 to ₦1.624trillion
in June 2020 and customer deposits increased by 18.5% to ₦3.001trillion
from ₦2.533trillion in December
2019. Profit before Tax closed at ₦109.7billion,
representing a decrease of 5.2% over ₦115.8billion
recorded in the corresponding period of 2019.
The Bank
closed the half year ended June 2020 with Total Assets of ₦4.511trillion
and Shareholders’ Funds of ₦720.9Billion.
In terms of Asset quality, NPL ratio and Cost of Risk closed at 6.8% and 0.4%
in June 2020 from 6.5% and 0.3% in December 2019 respectively. Overall, asset
quality remains stable with adequate coverage of 118.1%, while Capital remains
strong with CAR of 22.9%. On the backdrop of this result, Return on Equity
(ROAE) and Return on Assets (ROAA) stood at 26.8% and 4.6% respectively. The
Bank is proposing an interim dividend of 30kobo per ordinary share of 50 kobo
each for period ended June 30, 2020.
Commenting
on the financial results, the Chief Executive Officer of Guaranty Trust Bank
plc, Segun Agbaje, said; “These are undoubtedly tough and trying times for
people, businesses and economies the world over. Our financial performance in
the first half of the year reflects the quality of our past decisions which
have broadened our earnings and strategically positioned us to thrive, thus
far, through the current global health and economic crises. Underpinning this
financial performance is our commitment to being there for our customers and
the communities we serve, and over the past six months we have lent the full
weight of our franchise to safeguarding lives and livelihoods of our staff and
customers by leading from the front in the fight to curtail the Covid-19
outbreak and offering grace periods on loans to our small business customers.”
He
further stated that “Going forward, our focus is not just to survive this
pandemic, but to thrive beyond it. That is why we are going ahead with our
plans to reimagine how we create value for all our stakeholders. We know that
making financial services work for customers goes beyond banking, and in line
with our long-term strategy, we will seek to create and drive innovative
financial solutions that go beyond banking.”
GTBank
has continued to report the best financial ratios for a Financial Institution
in the industry with a Return on Equity (ROE) of 26.8% and cost to income ratio
of 43.2%. 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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