GTBank Records N167 Billion Nine Months Profit Before Tax

Guaranty Trust Bank Plc recently announced its nine months results for the period ended September 30, 2020, showing a net income of N188 billion, up from N173 billion in the corresponding period of 2019.

Net fee income stood at N33 billion, compared with N47 billion in 2019. Loan impairment charges soared by 267 per cent from N2.762 billion to N10.145 billion in 2020.

GTBank ended the nine months with a profit before tax (PBT) of N167.352 billion as against N170.652 billion in 2019, and profit after tax of N142.283 billion compared with N146.989 billion in 2019.

GTBank’s balance sheet remained well structured, diversified and resilient with total assets and shareholders’ funds closing at N4.574trillion and N755.5 billion respectively.

Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 23.9 per cent, while asset quality was sustained as non-performing loan (NPL) ratio and Cost of Risk (COR) closed at 6.5 per cent and 0.6 per cent in September 2020 from 6.5 per cent and 0.3 per cent in December 2019 respectively.

Speaking to the results, the Managing Director/CEO of GTBank Plc, Mr. Segun Agbaje, said: “Our third quarter result is a reflection of how we have appropriately positioned our balance sheet to cope with current economic realities and the challenging business environment. It is also testament to the enduring loyalty of our customers, the hard work and dedication of our staff and the unwavering support we continue to enjoy from all our stakeholders in our drive to deliver best-in-class financial services and superior and sustainable returns.”

According to him, as an organisation, they will continue to build on their commitment to enriching lives by leveraging our digital-first customer-centric strategy to improve customer experience and maintain a high standard in service delivery, and going beyond banking to create and drive innovative financial solutions that add value to our customers in all aspects of their lives.”

Meanwhile, the stock market closed negative yesterday with the Nigerian Stock Exchange (NSE) All-Share Index (ASI) depreciating by 0.5 per cent to close at 34,643.65. The decline was due to sell pressures in GTBank, Stanbic IBTC Holdings Plc and Zenith Bank Plc.

Activity level declined as volume and value traded fell by 44.8 per cent and 57.8 per cent to 364.9 million shares and N3.5 billion respectively. The most traded stocks by volume were Transcorp Plc (50.7 million shares), FBN Holdings Plc (38.6 million shares) and Access Bank (25.9 million shares).