Guaranty Trust Bank plc has released its unaudited financial results for the period ended September 30, 2020 to the Nigerian and London Stock Exchanges.
The 3rd quarter result shows improved performance across key financial metrics, reaffirming the bank’s capability to navigate the current economic challenges occasioned by impact of COVID 19 on World economies. The performance reflects its position as one of the leading and best managed financial institutions in Africa. The Group reported a Profit before tax of N167.4billion, representing a decline of 1.9 per cent over N170.7billion recorded in the corresponding period of September 2019 and an improvement on the 5.2 per cent dip posted in H1-2020 relative to H1-2019. Loan and deposit book however grew by 4.5 per cent and 25.1 per cent from N1.502 trillion and N2.640 trillion recorded as at December 2019 to N1.569 trillion and N3.303 trillion in September 2020 respectively.
Guaranty Trust Bank’s Balance sheet remained well structured, diversified and resilient with Total assets and Shareholders’ Funds closing at N4.574 trillion 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 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.
Commenting on the financial results, its Managing Director/CEO of Guaranty Trust Bank plc, Mr. Segun Agbaje, said; “Our 3rd 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.”