GTBank Releases Q3 2019 Unaudited Results, Reports Profit before tax of ₦170.7 Billion

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GTBank Releases Q3 2019 Unaudited Results, Reports Profit before tax of ₦170.7 BillionGTBank Releases Q3 2019 Unaudited Results, Reports Profit before tax of ₦170.7 Billion

Guaranty Trust Bank plc (GTBANK) has released its unaudited financial results for the period ended September 30, 2019, to the Nigerian and London Stock Exchanges.

A review of the results shows positive performance across all financial indices, reaffirming the Bank’s position as one of the most profitable and well managed financial institutions in Nigeria. Profit before tax stood at ₦170.7billion, representing a growth of 3.9% over ₦164.2billion recorded in the corresponding period of September 2018. The Bank’s Loan Book grew by 9.2% from ₦1.262trillion recorded as at December 2018 to ₦1.378trillion in September 2019, while customers’ deposit rose by 5.1% to ₦2.390trillion from ₦2.274trillion in December 2018.

The Bank’s balance sheet remained resilient with Total assets and Shareholders’ Funds closing at ₦3.519trillion and ₦636.8Billion respectively. Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 23.6%. In terms of Assets quality, NPL ratio and Cost of Risk (COR) improved to 5.6% and 0.2% in September 2019 from 7.3% and 0.3% in December 2018 respectively. Complementing the improvement noted in NPLs and COR, we maintained adequate Loan Loss coverage of 95.2% for Lifetime Credit Impaired Loans (NPLs). On the backdrop of this result, Post-Tax Return on Equity (ROAE) closed at 32.3% while Post-Tax Return on Assets (ROAA) stood at 5.8%.

Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr. Segun Agbaje, said; “The Bank’s 3rd quarter result reflects the strength of our franchise and the quality of our business strategy to deliver sustainable long-term value for our shareholders. Going into the final quarter of the year, we will continue to differentiate ourselves by maintaining a high standard in service delivery and leveraging our resources, expertise and network to enrich the lives of our customers. That’s why, from November 10 – 11, 2019, we are organizing the GTBank Fashion Weekend, the biggest consumer-focused event in Africa’s fashion industry, to give indigenous small businesses the platform and access to new markets and customers that they need to grow.”

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Overall, Guaranty Trust Bank plc continues to be best-in-class in the Nigerian banking industry in terms of all financial ratios i.e. Post-Tax Return on Equity (ROAE) of 32.3%, Post-Tax Return on Assets (ROAA) of 5.8%, and Cost to Income ratio of 36.9%. These ratios are a testament to experienced Management, efficient Balance sheet structure coupled with the operational efficiency of the Bank.

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Read Also:  GTBank Reports Profit After Tax of ₦50.3 Billion in Q1'20

In recognition of the Bank’s bias for world-class corporate governance standards, excellent service delivery and innovation, GTBank has been a recipient of numerous awards over the years. Some of these include Africa’s Best Bank and Best Bank in Nigeria from Euromoney Magazine, and Best Banking Group and Best Retail Bank by World Finance Magazine.

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GTBank Releases Q3 2019 Unaudited Results, Reports Profit before tax of ₦170.7 BillionGTBank Releases Q3 2019 Unaudited Results, Reports Profit before tax of ₦170.7 Billion

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GTBank Releases Q3 2019 Unaudited Results, Reports Profit before tax of ₦170.7 BillionGTBank Releases Q3 2019 Unaudited Results, Reports Profit before tax of ₦170.7 Billion

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- Advertisement -GTBank Releases Q3 2019 Unaudited Results, Reports Profit before tax of ₦170.7 BillionGTBank Releases Q3 2019 Unaudited Results, Reports Profit before tax of ₦170.7 Billion