Saturday , 13 July 2024

GTBank reports N231.7bn PBT for 2019

Guaranty Trust Bank plc has released its audited financial results for the year ended December 31, 2019 to the Nigerian and London Stock Exchanges.

A review of the results shows positive performances across all financial indices, reaffirming the bank’s position as one of the most profitable and well managed financial institutions in Nigeria. Profit before tax stood at N231.7billion, representing a growth of 7.5 per cent over N215.6billion recorded in the corresponding year ended December 2018. The bank’s loan book for instance grew by 19.0 per cent from N1.262trillion in December 2018 to N1.502trillion in December 2019, while customers’ deposits increased by 11.4 per cent to N2.533trillion from N2.274trillion in December 2018.

Guaranty Trust Bank according to the result maintained a well-structured and diversified balance sheet with Total Assets and Shareholders’ Funds closing at N3.759trillion and N687.3Billion respectively. Furthermore its full impact Capital Adequacy Ratio (CAR) remained very strong, closing at 22.5 per cent. In terms of Assets Quality, NPL ratio improved to 6.5 per cent in December 2019 from 7.3 per cent in December 2018, while Cost of Risk (COR) remained flat at 0.3 per cent. Complementing the improvement noted in NPLs, the bank maintained adequate Loan Loss coverage of 126.6 per cent for Lifetime Credit Impaired Loans (NPLs) compared to 105.1 per cent recorded in December 2018.

Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank Plc, Mr. Segun Agbaje, said; “At GTBank, we exist to provide excellent services to our customers and generate the returns that our shareholders expect. Our strong financial performance in 2019 demonstrates that we are delivering on both fronts. We achieved healthy growth across all our major businesses despite varying degrees of uncertainty and volatility, and we are making progress in positioning our business for long-term growth in the face of a rapidly changing competitive landscape.”

He further stated that; “Underpinning our strong financial performance is our commitment to being there for our customers when it matters most. That is why, powered by the fundamental strength of our brand, and guided by our strategy of putting our customers at the centre of everything we do, we will continue to design and deliver financial services that not only solves our customers’ real pain points but also leaves them better after every interaction.”

Guaranty Trust Bank plc continues to be best-in-class in the Nigerian banking industry in terms of financial ratios i.e. Post-Tax Return on Equity (ROAE) of 31.2 per cent, Post-Tax Return on Assets (ROAA) of 5.6 per cent, and Cost to Income ratio of 36.1 per cent.

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