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Business Finance Info & Updates

Q1: GTBank records N113bn revenue, N50 profit after tax

Guaranty Trust Bank (GTBank) Plc wednesday made public its unaudited financial results for the first quarter (Q1) ended March 31, 2020, showing a revenue of N112.865 billion, which was an increase of 2.3 per cent above the N110.328 billion recorded in the corresponding Q1 of 2019.

Net interest income rose from N57.566 billion to N63.058 billion in 2020, while net fee and commission income fell from N18.010 billion to N13.554 billion.

However, the bank’s loan impairment charges soared by 88 per cent from N651 million to N1.223 billion in 2020.

Profit before tax (PBT) grew by 2.1 per cent from N57 billion to N58.2 billion, while profit after tax (PAT) increased from N49.303 billion to N50.069 billion in 2020.

A further look at the performance showed that the bank’s loan book grew by 8.0 per cent from N1.502trillion as at December 2019 to N1.622 trillion in March 2020, while customers’ deposits increased by 9.3 per cent to N2.768trillion from N2.533 trillion in the same period.

Total assets at N4.057 trillion, while shareholders’ funds printed at N661.1 billion respectively. Full impact Capital Adequacy Ratio (CAR) at 23.5 per cent, just as non-performing loan (NPL) ratio and Cost of Risk (COR) improved to 6.0 per cent and 0.1 per cent in March 2020 from 6.5 per cent and 0.3 per centin December 2019 respectively.

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Commenting on the results, the Managing Director/CEO of GTBank Plc, Mr. Segun Agbaje, said: “These are very difficult and uncertain times, not just for the financial services sector and the economy as a whole, but also for hundreds of millions of people around the world whose lives and livelihoods have been put at risk by the COVID-19 pandemic. At GTBank, we know that the impact of this pandemic may sustain for months to come, but we remain positive that, by staying nimble and continuing to build on the strength of our businesses, we are appropriately positioned to cope with emerging economic realities, as reflected in our first quarter result.”

According to him, as a platform for enriching lives, GTBank’s focus is on safeguarding lives and livelihoods.

“That is why we are working round the clock to keep all our members of staff and customers safe, supporting the government in combatting the pandemic and being there for our customers in every way that they may need our support at this time,” he said.

Meanwhile, trading at the stock market closed positively as the NSE All-Share Index rose by 0.66 per cent to be at 22,780.30.

Thisday

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