n plc has released its Audited Financial Results for the year ended December 31, 2020 to the Nigerian and London Stock Exchanges.
A review of the result shows improved performance across all key financial metrics in the face of the unprecedented challenges brought on by the COVID-19 pandemic, reflecting the quality of past decisions and reaffirming its position as one of the best managed financial institutions in Africa.
The Group reported Profit before tax of N238.1billion, representing a growth of 2.8 per cent over N231.7billion recorded in the corresponding year ended December 2019.
With impressive profits, the management of GTBank proposed final dividend of N2.70, eight per cent higher when compared to N2.50 per declared in 2019.
The Group’s Loan book (Net) grew by 10.7per cent from N1.502trillionrecorded as at December2019 to N1.663trillion in December 2020, while Customers’ deposits increased by 38.6per cent from N2.53trillionin December 2019 to N3.509trillion in December 2020.
GTBank’s balance sheet remained well structured, diversified and resilient with Total assets and Shareholders’ Funds closing at N4.945trillion and N814.4billion respectively.
Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 21.9per cent, while Asset quality was sustained as NPL ratio and Cost of Risk (COR) closed at 6.4 per cent (Bank: 5.9 per cent) and 1.2 per cent (Bank: 1.0 per cent) in December 2020 from 6.5 per cent (Bank: 6.2 per cent) and 0.3 per cent (Bank: 0.2 per cent) in December 2019 respectively.
Commenting on the financial results, the Managing Director/CEO of GTBank, Mr. Segun Agbaje, said; “2020 was arguably the most challenging year that the world has faced in decades.
“In such unprecedented times, we sought to live out the full extent of our values; safeguarding lives and livelihoods for our people, our customers and across the communities where we operate.
“We were on solid footing going into 2020; the strength, scale and liquidity of our balance sheet, coupled with the quality of our past decisions and the efficacy of our digital-first customer-centric strategy gave us the resilience and flexibility to navigate the economic shocks and market volatility that dominated the year.”
He further stated that; “Amidst the many challenges that persist, we remain ardent believers in Africa’s growth potential. Our world is increasingly digital, and we see it opening new and exciting opportunities for empowering people and uplifting our communities.
“With our commitment to deepening customer relationships and intense focus on delivering innovative financial solutions, we enter 2021 well-positioned to lead this new world.”
GTBank continues to post the best metrics in the Nigerian Banking industry in terms of all Financial Ratios i.e. Post-Tax-Return on Equity (ROAE) of 26.8per cent, Post-Tax Return on Assets (ROAA) of 4.6%, Full Impact Capital Adequacy Ratio (CAR) of 21.9 per cent and Cost to Income ratio of 38.2 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.