GTBank Releases 2019 Audited Results, Reports Profit Before Tax of ₦231.7 Billion

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Guaranty Trust Bank plc has released its audited financial results for the year ended December 31, 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 ₦231.7billion, representing a growth of 7.5% over ₦215.6billion recorded in the corresponding year ended December 2018. The Bank’s Loan Book grew by 19.0% from ₦1.262trillion in December 2018 to ₦1.502trillion in December 2019, while customers’ deposits increased by 11.4% to ₦2.533trillion from ₦2.274trillion in December 2018.

The Bank maintained a well-structured and diversified balance sheet with Total assets and Shareholders’ Funds closing at ₦3.759trillion and ₦687.3Billion respectively.

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Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 22.5%. In terms of Asset quality, the NPL ratio improved to 6.5% in December 2019 from 7.3% in December 2018 while the Cost of Risk (COR) remained flat at 0.3%. Complementing the improvement noted in NPLs, the Bank maintained adequate Loan Loss coverage of 126.6% for Lifetime Credit Impaired Loans (NPLs) compared to 105.1% recorded in December 2018.

Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr. Segun Agbaje, said; “At GTBank, we exist to provide excellent service to our customers and generate the returns that our shareholders expect. Our strong financial performance in 2019 demonstrates that we are delivering on both fronts. We achieved healthy growth across all our major businesses despite varying degrees of uncertainty and volatility, and we are making progress in positioning our business for long-term growth in the face of a rapidly changing competitive landscape.”

He further stated that; “Underpinning our strong financial performance is our commitment to being there for our customers when it matters most. That is why, powered by the fundamental strength of our brand, and guided by our strategy of putting our customers at the centre of everything we do, we will continue to design and deliver financial services that not only solves our customers’ real pain points but also leaves them better after every interaction.”

Guaranty Trust Bank plc continues to be best-in-class in the Nigerian banking industry in terms of financial ratios i.e. Post-Tax Return on Equity (ROAE) of 31.2%, Post-Tax Return on Assets (ROAA) of 5.6%, and Cost to Income ratio of 36.1%. These ratios reflect the experienced Management, and efficient Balance sheet structure coupled with the operational efficiency of the Bank.

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The Bank is proposing a final dividend of ₦2.50k per unit of ordinary share held by shareholders in addition to interim dividend of 30k per unit of ordinary share bringing the total dividend for 2019 final year to ₦2.80k per ordinary share.

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 the awards include Best Bank in Africa and Best Bank in Nigeria, by the Euromoney Magazine (2019), Best Banking Group and Best Retail Bank Nigeria from World Finance Magazine (2019), Bank of the Year – Nigeria from the Banker Magazine (2018), Most Innovative Bank from the African Investor (2018), and Best Digital Banking Brand in Nigeria from the Global Brands Magazine (2018).

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GTBank Releases 2019 Audited Results, Reports Profit Before Tax of ₦231.7 Billion - Brand SpurGTBank Releases 2019 Audited Results, Reports Profit Before Tax of ₦231.7 Billion - Brand Spur

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GTBank Releases 2019 Audited Results, Reports Profit Before Tax of ₦231.7 Billion - Brand SpurGTBank Releases 2019 Audited Results, Reports Profit Before Tax of ₦231.7 Billion - Brand Spur

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- Advertisement -GTBank Releases 2019 Audited Results, Reports Profit Before Tax of ₦231.7 Billion - Brand SpurGTBank Releases 2019 Audited Results, Reports Profit Before Tax of ₦231.7 Billion - Brand Spur