GTBank Records 9% Decline in Profit After Tax to ₦45.5Bn in Q1 2020 - 9jaflaver



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GTBank Records 9% Decline in Profit After Tax to ₦45.5Bn in Q1 2020




Guaranty Trust Bank (GTBank) Plc has released its unaudited Financial Results for the period ended March 31, 2021, to the Nigerian and London Stock Exchanges.

A review of the result by Brand News Day shows a resilient performance across all key financial metrics in the face of unprecedented macroeconomic challenges, reflecting the quality of past decisions and reaffirming its position as one of the best managed financial institutions in Africa.

Key Financial Highlights

  • Interest Income declined by -27% to N55bn from N75bn in the previous quarter.
  • Profit before tax declined by 7.8% to N53.7bn.
  • Profit after tax declined by 9% to N45.5bn.
  • Net Assets grew by 2.8% from N814bn to N837bn

The Group reported Profit before tax of ₦53.7billion, representing a drop of 7.8% over ₦58.2billion recorded in the corresponding period of March 2020. Deposit Liabilities increased by 3.0% from ₦3.611trillion in December 2020 to ₦3.717trillion in March 2021, whilst the Group’s Loan book (Net) dipped by 1.4% from ₦1.663trillion recorded as at December 2020 to ₦1.639trillion in March 2021.

Guaranty Trust Bank’s Balance sheet remained well structured and diversified with Total assets and Shareholders’ Funds closing at ₦4.993trillion and ₦837.2billion respectively. Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 26.1%, while Asset quality was sustained as NPL ratio and Cost of Risk (COR) closed at 6.1% (Bank: 5.6%) and 0.11% (Bank: 0.02%) in March 2021 from 6.0% (Bank: 5.9%) and 0.08% (Bank: 0.01%) in March 2020 respectively.

Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank (GTBank) Plc, Mr. Segun Agbaje, said;

“We have started off the 2021 financial year on a fair footing, and our first-quarter results demonstrate our ability to continue delivering strong and sustainable returns, despite the macroeconomic uncertainties that persist in our business environment. This is a reflection of the resilience of our franchise, our prudent approach to risk management and the efficacy of our digital-first customer-centric business strategy.”

He further stated that;

“Looking forward, we are optimistic about the long-term value that we will continue to create as an organization. We strongly believe that our new growth strategy, together with the enduring loyalty of our customers, the hard work and dedication of our staff and the unwavering support we continue to enjoy from our shareholders, will enable us to drive and deliver best-in-class financial solutions for people, businesses and communities across Africa and beyond.”

Guaranty Trust Bank plc continues to post one of the best metrics in the Nigerian Banking industry in terms of all Financial Ratios i.e. Return on Equity (ROAE) of 26.0%, Return on Assets (ROAA) of 4.3%, Full Impact Capital Adequacy Ratio (CAR) of 26.1% and Cost to Income ratio of 42.6%.

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.

Source:- Brandnewsday



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