Business

GTBank’s nine-month pre-tax profit falls to N167.35bn

’Femi Asu

Guaranty Trust Bank Plc has reported a profit before tax of N167.35bn for the nine months ended September 30, 2020, compared to N170.65bn in the same period of 2019.

The lender, which released its unaudited financial statements for the period to the Nigerian and London Stock Exchanges, said the result showed improved performance across key financial metrics.

It said its loan and deposit book grew by 4.5 per cent and 25.1 per cent from N1.5tn and N2.64tn as of December 2019 to N1.57tn and N3.3tn in September 2020 respectively.

GTBank said in a statement that its balance sheet remained well-structured, diversified and resilient with total assets and shareholders’ funds closing at N4.57tn and N755.5bn respectively.

It said Capital Adequacy Ratio remained very strong, closing at 23.9 per cent, while asset quality was sustained as Non-Performing Loan ratio and Cost of Risk closed at 6.5 per cent and 0.6 per cent in September from 6.5 per cent and 0.3 per cent in December 2019 respectively.

The Managing Director/Chief Executive Officer, Guaranty Trust Bank Plc, Mr Segun Agbaje, said, “Our third-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.”

He said as an organisation, the bank would continue to build on its commitment to enriching lives by leveraging its digital-first customer-centric strategy to improve customer experience and maintain a high standard in service delivery.

Agbaje said the bank would continue to create and drive innovative financial solutions that add value to its customers in all aspects of their lives.

Source: punchng.com