Guaranty Trust Bank Plc (GTBank) has released its audited financial results for the half-year ended June 30, 2020 to the Nigerian and London Stock Exchanges.
The bank’s loan book grew by 8.1 per cent from ₦1.502trillion recorded as of December 2019 to ₦1.624trillion in June 2020 and customer deposits increased by 18.5 per cent to ₦3.001trillion from ₦2.533trillion in December 2019. Profit before tax closed at ₦109.7billion, representing a decrease of 5.2 per cent over ₦115.8billion recorded in the corresponding period of 2019.
The bank closed the half year ended June 2020 with total assets of ₦4.511trillion and shareholders’ funds of ₦720.9billion. In terms of asset quality, NPL ratio and cost of risk closed at 6.8 per cent and 0.4 per cent in June 2020 from 6.5 per cent and 0.3 per cent in December 2019 respectively. Overall, asset quality remains stable with adequate coverage of 118.1 per cent while capital remains strong with CAR of 22.9 per cent. On the backdrop of this result, return on equity (ROAE) and return on assets (ROAA) stood at 26.8 per cent and 4.6 per cent respectively.
The bank proposed an interim dividend of 30kobo per ordinary share of 50 kobo each for period ended June 30, 2020.
Commenting on the financial results, GTbank CEO Segun Agbaje said: “These are undoubtedly tough and trying times for people, businesses and economies the world over. Our financial performance in the first half of the year reflects the quality of our past decisions which have broadened our earnings and strategically positioned us to thrive, thus far, through the current global health and economic crises.
“Underpinning this financial performance is our commitment to being there for our customers and the communities we serve, and over the past six months we have lent the full weight of our franchise to safeguarding lives and livelihoods of our staff and customers by leading from the front in the fight to curtail the Covid-19 outbreak and offering grace periods on loans to our small business customers.”
He further stated that “Going forward, our focus is not just to survive this pandemic, but to thrive beyond it. That is why we are going ahead with our plans to reimagine how we create value for all our stakeholders. We know that making financial services work for customers goes beyond banking, and in line with our long-term strategy, we will seek to create and drive innovative financial solutions that go beyond banking.”
