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. 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’s total assets and shareholders’ funds closed at ₦3.759trillion and ₦687.3billion respectively. Full Impact Capital Adequacy Ratio (CAR) closed at 22.5%. In terms of Assets quality, NPL ratio improved to 6.5% in December 2019 from 7.3% in December 2018 while 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, Managing Director/CEO of Guaranty Trust Bank Plc, 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: “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.”
GTBank is proposing 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 total dividend for 2019 final year to ₦2.80k per ordinary share.
