The Managing Director/CEO of Guaranty Trust Bank (GTBank ), Mr Segun Agbaje has described the third quarter result of the bank as a reflection of the strength of franchise and the quality of business strategy to deliver sustainable long-term value for shareholders.
In his comments on the GTBank ’s unaudited financial result released for the period ended September 30, 2019 to the Nigerian and London Stock Exchanges, Agbaje noted that going into the final quarter of the year, the bank would continue to differentiate itself by maintaining a high standard in service delivery and leveraging our resources, expertise and network to enrich the lives of its customers.
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A review of the GTBank’s results indicated positive performance across all financial indices, reaffirming the bank’s position as one of the most profitable and well managed financial institutions in Nigeria.
Profit before tax stood at N170.7 billion, representing a growth of 3.9 per cent over N164.2 billion recorded in the corresponding period of September 2018. The bank’s loan book grew by 9.2 per cent from N1.262 trillion recorded as at December 2018 to N1.378 trillion in September 2019, while customers’ deposit rose by 5.1 per cent to N2.390 trillion from N2.274 trillion in December 2018.
The bank’s balance sheet remained resilient with Total assets and Shareholders’ Funds closing at N3.519trillion and N636.8 billion respectively. Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 23.6 per cent. In terms of assets quality, NPL ratio and Cost of Risk (COR) improved to 5.6 per cent and 0.2 per cent in September 2019 from 7.3 per cent and 0.3 per cent in December 2018 respectively.
Overall, GTBank continues to be best-in-class in the Nigerian banking industry in terms of all financial ratios with Post-Tax Return on Equity (ROAE) of 32.3 per cent, Post-Tax Return on Assets (ROAA) of 5.8 per cent, and Cost to Income ratio of 36.9 per cent.
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