GTBank posts N142bn in Q3 net profit, grows loan book

Guaranty Trust Bank (GTBank) printed a 3 percent decline in third-quarter (Q3) net profit at N142 billion from N146.9 billion recorded in the corresponding period of September 2019.

Figures from its Q3 result show that loan and deposit book grew by 4.5 percent and 25.1 percent 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.

The Q3 result shows improved performance across key financial metrics, reaffirming the Bank’s capability to navigate the current economic challenges occasioned by the impact of COVID 19 on World economies.

GTBank’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 percent, while asset quality was sustained as NPL ratio and cost of risk (COR) closed at 6.5 percent and 0.6 percent in September 2020 from 6.5 percent and 0.3 percent in December 2019 respectively.

GTBank continues to be the best in the Nigerian banking industry in terms of financial ratios: Post-Tax Return on Equity (ROAE) of 26.3 percent, Post-Tax Return on Assets (ROAA) of 4.6 percent, and Cost to Income ratio of 40.2 percent.

Commenting on the financial results, chief executive officer, Guaranty Trust Bank plc, 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 a 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.

He further stated that; “As an organization, we will continue to build on our 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.”