Guaranty Trust Bank plc in its audited financial results for the half-year ended June 30, 2020, has reported a Profit before Tax of N109.7 billion.
GTBank is proposing an interim dividend of 30kobo per ordinary share of 50 kobo each for the period ended June 30, 2020.
According to the financial result released to the Nigerian and London Stock Exchanges on Wednesday, the Bank’s loan book grew by 8.1 per cent from N1.502 trillion recorded as at December 2019 to N1.624 trillion in June 2020 and customer deposits increased by 18.5 per cent to N3.001 trillion from N2.533 trillion in December 2019. However, the Profit before Tax closed at N109.7 billion, representing a decrease of 5.2 per cent over N115.8billion recorded in the corresponding period of 2019.
Commenting on the financial results, the Chief Executive Officer of Guaranty Trust Bank plc, Segun Agbaje, said the performance reflects the quality of past decisions which have broadened earnings and strategically positioned GTBank 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 said.
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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.
GTBank closed the half-year ended in June 2020 with Total Assets of N4.511 trillion and Shareholders’ Funds of N720.9 Billion. 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.
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