Business - News - March 19, 2021

GTBank posts N238.1bn profit before tax for 2020

Guaranty Trust Bank Plc on Thursday announced it realized about N238.1 billion as profit before tax from its operations in 2020 financial year.
The result was contained in the bank’s audited financial statement for the year ended December 31, 2020 posted on the platform of the Nigerian and London Stock Exchanges.
The audited result released by the bank showed that profit before tax increased by 2.8 percent to N238.1 billion compared with N231.7 billion posted in the comparative period of 2019.
Also, net interest income stood at N253.668 billion during the period under review against N291.66 billion in 2019.
The group’s loan book grew by 10.7 percent to N1.66 trillion from N1.50 trillion achieved in the corresponding period of 2019, while Customers’ deposits increased by 38.6 percent to N3.51 trillion from N2.53 trillion in December 2019.
Also, loans and advances to customers stood at N1.66 trillion in contrast with N1.50 trillion in 2019.
Total assets and shareholders’ funds closed at N4.95 trillion and N814.4 billion, respectively.
The Managing Director/Chief Executive Officer of the bank, Segun Agbaje, described 2020 as “the most challenging year that the world has faced in decades.”
“In such unprecedented times, we sought to live out the full extent of our values; safeguarding lives and livelihoods for our people, our customers and across the communities where we operate.
“We were on solid footing going into 2020. The strength, scale and liquidity of our balance sheet, coupled with the quality of our past decisions and the efficacy of our digital-first customer-centric strategy gave us the resilience and flexibility to navigate the economic shocks and market volatility that dominated the year,” Agbaje said.
Amidst the many challenges, Agbaje said the bank remained ardent believers in Africa’s growth potential.
“Amidst the many challenges that persist, we remain ardent believers in Africa’s growth potential.
“Our world is increasingly digital, and we see it opening new and exciting opportunities for empowering people and uplifting our communities.
“With our commitment to deepening customer relationships and intense focus on delivering innovative financial solutions, we enter 2021 well-positioned to lead this new world,” he said. (NAN)

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