Guaranty Trust Bank Plc has reported a profit before tax of ₦231.7billion in the year ended December 31, 2019, representing a growth of 7.5 percent over ₦215.6billion recorded in the corresponding year of 2018.
The Bank’s Loan Book grew by 19.0 percent from ₦1.262trillion in December 2018 to ₦1.502trillion in December 2019, while customers’ deposits increased by 11.4percent to ₦2.533trillion from₦2.274trillion in December 2018
According to the bank’s audited financial result, presented to the Nigerian Stock Exchange, the Bank maintained a well-structured and diversified balance sheet with total assets and shareholders ‘funds closing at ₦3.759trillion and ₦687.3Billion, respectively.
Full Impact Capital Adequacy Ratio remained very strong, closing at 22.5percent.
In terms of Assets quality, NPL ratio improved to 6.5percent in December 2019 from 7.3percent in December 2018 while Cost of Risk remained flat at 0.3percent.
Complementing the improvement noted in NPLs, the Bank maintained adequate Loan Loss coverage of 126.6percent for Lifetime Credit Impaired Loans compared to 105percent recorded in December 2018.
Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank Plc, Mr. Segun Agbaje, said, “At GTBank, we exist to provide excellent service to our customers and generate the returns that our shareholders expect.
“Our strong financial performance in 2019 demonstrates that we are delivering on both fronts. We achieved healthy growth across all our major businesses despite varying degrees of uncertainty and volatility, and we are making progress in positioning our business for long-term growth in the face of a rapidly changing competitive landscape.”
He further stated, “Underpinning our strong financial performance is our commitment to being therefore our customers when it matters most. That is why, powered by the fundamental strength of our brand, and guided by our strategy of putting our customers at the centre of everything we do, we will continue to design and deliver financial services that not only solves our customers’ real pain points but also leaves them better after every interaction.
