GTBank posts N167.4 billion PBT in Q3

Guaranty Trust Bank Plc has recorded a Profit Before Tax (PBT) of ₦167.4 billion in its unaudited results for the period ended September 30, 2020.According to the bank, this represents a decrease of 1.9 per cent over ₦170.7 billion recorded in the corresponding period of September 2019, and an improvement on the 5.2 per cent dip posted in the first half (H1) 2020 relative to H1-2019.

The bank’s loan and deposit book however grew by 4.5 per cent and 25.1 per cent from ₦1.502 trillion and ₦2.640 trillion recorded as at December 2019 to ₦1.569trillion and ₦3.303trillion in September 2020 respectively.
Its balance sheet remained well structured, diversified and resilient with total assets and shareholders’ funds closing at ₦4.574 trillion and ₦755.5 billion, respectively.

“Full impact capital adequacy ratio (CAR) remained very strong, closing at 23.9 per cent, while asset quality was sustained as NPL ratio and Cost of Risk (COR) closed at 6.5 per cent and 0.6 per cent in September 2020 from 6.5 per cent and 0.3 per cent in December 2019 respectively.”

The Managing Director, GTBank Plc, Segun Agbaje, said: “Our third 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 said the bank would continue to enrich lives by leveraging its digital-first customer-centric strategy to improve customer experience and drive innovative financial solutions that add value to customers.

“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 per cent, Post-Tax Return on Assets (ROAA) of 4.6 per cent, and cost to income ratio of 40.2 per cent.

Leave A Reply

Your email address will not be published.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More