Guaranty Trust Bank Plc has released its first quarter financial scorecard, recording N110.3 billion gross earnings.
The result showed 1.2 per cent compared with N109.0billion posted in the preceding year.
Profit before tax rose to N57.0 billion from N52.6 billion recorded in the corresponding period of March 2018, representing a growth of 8.3 per cent, Customers’ deposits also rose by 6.0 per cent to N2.410trillion in March 2019 from N2.274trillion in December 2018, while the bank’s loan book grew by 1.6 per cent from N1.262 trillion as at December 2018 to N1.282 trillion in March 2019.
Balance sheet remained strong with the Bank closing the quarter ended March 31, 2019 with Total Assets of N3.556trillion and Shareholders’ Funds of N627.2Billion. In terms of Assets quality, NPL ratio and Cost of Risk closed 7.03 per cent and 0.05 per cent in March 2019 from 7.30 per cent and 0.34 per cent in December 2018 respectively. In addition, coverage for NPL stood at 90.12 per cent while Full Impact Capital adequacy ratio remained very strong, closing at 22.25 per cent. On the backdrop of this result, Post Tax Return on Equity (ROAE) and Return on Assets (ROAA) closed at 32.79 per cent and 5.76 per cent respectively. These indices are pointer to GTBank’s strategic positioning in Nigeria and other Countries where the Group operates.
Commenting on the performance of the bank’s result in the first quarter results, the Managing Director/Chief Executive Officer of Guaranty Trust Bank plc, Mr Segun Agbaje, said, “Going into 2019, we knew that it would be a challenging year, but our strategy and unwavering focus on delivering value for our customers and shareholders continues to underpin our ability to consistently deliver solid results despite changing market variables. We carried on the momentum of the previous year, posting strong growth in earnings, effectively managing costs and leveraging our digital-first customer-centric strategy to deliver world-class services that are simple, cheap and easily accessible.”
He further stated that; “While ensuring the long-term growth of our business is the greatest value that we can create for our communities, we are also leveraging our resources, expertise and network to help people thrive. That’s why, from April 28 to May 1, 2019, we are organizing the biggest food and drink festival in Africa to give small businesses in the food industry the platform, network and access to the markets that they need to grow.”
