GTBank reports full year PBT of N238.1billion

Guaranty Trust Bank plc, GTB, has released its audited financial results for the year ended December 31,2020 to the Nigerian and London Stock Exchanges.

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A review of the result shows improved performance across all key financial metrics in the face of theunprecedented challenges brought on by the COVID-19 pandemic, reflecting the quality of past decisionsand 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 2.8percent over N231.7billion recorded in the corresponding year ended December 2019.

The Group’s Loan book (Net) grew by 10.7percent from N1.502trillion recorded as at December 2019 to N1.663trillion in December 2020, while Customers’ deposits increased by 38.6percent from N2.533trillion in December 2019 to N3.509trillion in December 2020.

Guaranty Trust Bank’s Balance sheet remained well structured, diversified and resilient with Total assetsand Shareholders’ Funds closing at N4.945trillion and N814.4billion respectively.

Full Impact CapitalAdequacy Ratio (CAR) remained very strong, closing at 21.9percent, while Asset quality was sustained as NPLratio and Cost of Risk (COR) closed at 6.4percent (Bank: 5.9percent) and 1.2percent (Bank: 1percent) in December 2020 from 6.5percent (Bank: 6.2percent) and 0.3percent (Bank: 0.2percent) in December 2019 respectively.

Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, SegunAgbaje, said; “2020 was arguably the most challenging year that the world has faced in decades. In suchunprecedented times, we sought to live out the full extent of our values; safeguarding lives and livelihoodsfor our people, our customers and across the communities where we operate. We were on solid footinggoing into 2020; the strength, scale and liquidity of our balance sheet, coupled with the quality of our pastdecisions and the efficacy of our digital-first customer-centric strategy gave us the resilience and flexibilityto 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’sgrowth potential. Our world is increasingly digital, and we see it opening new and exciting opportunities forempowering people and uplifting our communities. With our commitment to deepening customerrelationships and intense focus on delivering innovative financial solutions, we enter 2021 well-positionedto lead this new world.”

Guaranty Trust Bank plc continues to post the best metrics in the Nigerian Banking industry in terms of allFinancial Ratios i.e. Post-Tax Return on Equity (ROAE) of 26.8percent, Post-Tax Return on Assets (ROAA) of 4.6percent, Full Impact Capital Adequacy Ratio (CAR) of 21.9percent and Cost to Income ratio of 38.2percent.


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