Q1’20: GTBank records 2.1% growth in profit

GTBank

GUARANTY Trust Bank, GTBank Plc has posted a Profit Before Tax, PBT, of N58.2 billion for the period ended March 31, Q1,2020, indicating a marginal growth of 2.1 percent from N57 billion in the corresponding period of 2019.
A review of the result shows the bank’s loan book grew by 8.0 percent to N1.622 trillion in March 2020, from N1.502 trillion as at December 2019 while customers’ deposit increased by 9.3 percent to N2.768 trillion from N2.533 trillion in the same period. The bank maintained a well-structured and diversified balance sheet with total assets and shareholders’ funds closing at N4.057 trillion and N661.1 billion respectively. Full impact Capital Adequacy Ratio, CAR, remained very strong, closing at 23.5 percent. In terms of assets quality, Non Performing Loan, NPL ratio and Cost of Risk, COR, improved to 6.0 percent and 0.1percent in March 2020 from 6.5 percent and 0.3 percent in December 2019 respectively.

Commenting, Mr. Segun Agbaje, Managing Director/CEO, GTBank, said: “These are very difficult and uncertain times, not just for the financial services sector and the economy as a whole, but also for hundreds of millions of people around the world whose lives and livelihoods have been put at risk by the COVID-19 pandemic. At GTBank, we know that the impact of this pandemic may last for months to come, but we remain positive that, by staying nimble and continuing to build on the strength of our businesses, we are appropriately positioned to cope with emerging economic realities, as reflected in our first quarter result.”

SOURCE:VANGUARD

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