Home Business GTBank Reports Profit Before Tax of N109.7bn in H1 2020

GTBank Reports Profit Before Tax of N109.7bn in H1 2020

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Guaranty Trust Bank (GTBank) plc on Wednesday released its audited financial results for the half year (H1 2020) 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 8.1per cent from N1.502trillion recorded as at December 2019 to N1.624trillion in June 2020 and customer deposits increased by 18.5 per cent to N3.001trillion from N2.533trillion in December 2019.

Profit before Tax closed at N109.7billion, representing a decrease of 5.2per cent over N115.8billion recorded in the corresponding period of 2019.

The Bank closed the half year ended June 2020 with Total Assets of N4.511trillion and Shareholders’ Funds of N720.9Billion.

In terms of Asset quality, NPL ratio and Cost of Risk closed at 6.8per cent and 0.4 per cent in June 2020 from 6.5% and 0.3% in December 2019 respectively.

Overall, asset quality remains stable with adequate coverage of 118.1 per cent, while Capital remains strong with CAR of 22.9 per cent. On the backdrop of this result, Return on Equity (ROAE) and Return on Assets (ROAA) stood at 26.8 per cent and 4.6 per cent 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 per cent and cost to income ratio of 43.2 per cent.

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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