GTBank Posts Profit After Tax of $368m in First Nine Months 2020

Guaranty Trust Bank Plc has announced its nine months results for the period ended September 30, 2020.

The company posted a profit before tax (PBT) of N167.352 bn ($433m) as against N170.652 bn(about $442m) in 2019, and profit after tax of N142.283 bn(about $368m) this year compared with N146.989 bn(about $380.35m) in 2019.

GTBank’s balance sheet remained well structured, diversified and resilient with total assets and shareholders’ funds closing at N4.574trn (about $11.82bn) and N755.5 billion(about $1.95bn) respectively.

Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 23.9% while asset quality was sustained as non-performing loan (NPL) ratio and Cost of Risk (COR) closed at 6.5 per cent and 0.6 per cent in September 2020 from 6.5% and 0.3% in December 2019 respectively.

Speaking on the results, the Managing Director/CEO of GTBank 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.”

According to him, as an organisation, GTBank will continue to build on their commitment to enriching lives by leveraging it’s “digital-first customer-centric strategy to improve customer experience and maintain a high standards in service delivery, and going beyond banking to create and drive innovative financial solutions that add value to our customers in all aspects of their lives.”

Lillian Jijingi

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