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.
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Profit before tax stood at N170.7billion, representing a growth of 3.9% over N164.2billion recorded in the corresponding period of September 2018.
The bank’s loan book grew by 9.2% from N1.262trillion recorded as at December 2018 to N1.378trillion in September 2019, while customers’ deposit rose by 5.1% to N2.390trillion from N2.274trillion in December 2018.
The bank’s balance sheet remained resilient with total assets and shareholders’ funds closing at N3.519trillion and N636.8billion 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, the bank 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%.
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Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank Plc, 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 organising 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.”
