GTBank reords N53.683bn profit in Q1

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Guaranty Trust Bank 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 shows a resilient performance across all key financial metrics in the face of the unprecedented macroeconomic challenges, 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 N53.7billion, representing a drop of 7.8 per ceny over N58.2billion recorded in the corresponding period of March 2020. Deposit Liabilities increased by 3.0 per cent from N3.611trillion in December 2020 to N3.717trillion in March 2021, while the Group’s Loan book (Net) dipped by 1.4 per cent from N1.663trillion recorded as at December 2020 to N1.639 trillion in March 2021.

Guaranty Trust Bank’s Balance sheet remained well structured and diversified with Total assets and Shareholders’ Funds closing at N4.993trillion and N837.2billion respectively. Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 26.1 per cent, while Asset quality was sustained as NPL ratio and Cost of Risk (COR) closed at 6.1 per cent and 0.11 per cent as at end of in March 2021 from 6.0 and 0.08 per cent in March 2020 respectively.

Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank 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.”

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