GTCO reports N93.1bn Profit Before Tax

GUARANTY Trust Bank Plc (GTB), now Guaranty Trust Holding Company Plc (GTCO), in audited financial results for the period ended June 30, 2021, to the Nigerian and London Stock Exchanges has reported a profit before tax of N93.1 billion.

A review of the results indicated a decent performance across key financial metrics against the challenging business   environment, reaffirming   GTBank’s   ability   to   cope   effectively   in depressedtimes, and as one of the most profitable and well managed financial institutions in Nigeria.

The Group reported profit before tax of N93.1 billion, representing a dip of 15.2 per cent compared to N109.7 billion recorded in the corresponding  period of  June 2020.

However, the Group’s transactional income  maintained anupward trajectory as shown in fees and commission income which grew by 44.7 per cent from N26.5 billion in H12020 to N38.3 billion in H1 2021.

The structure  and   earning   capacity   of    the Group’s  balance  sheet   remains   resilient   with  total  assetsclosing  at   N5.017 trillion, primarily  driven   by   a  four per cent   increase  in  deposit   liabilities   from N3.611 trillion   in December 2020 to N3.755 trillion in June 2021 and a slight dip in loans (net) by 1.8 per cent from N1.663 trillion as at December 2020 to N1.632 trillion in June 2021.

However, the dip in profit can be attributed to the present realities of the operating environment. Full Impact Capital Adequacy Ratio (CAR) remained verystrong, closing at 24.0 per cent, while Asset quality was sustained as NPL ratio and Cost of Risk (COR) closed at 6.0 per cent based on IFRS (6.8 per cent based on CBN Prudential Guidelines) and 0.27 per cent in June 2021 to 6.4 per cent and1.18 per cent in December 2020, respectively.

Commenting   on   the   financials,   Mr   Segun   Agbaje,   Group   Chief   Executive   Officer   of   Guaranty   TrustHolding Company Plc said; “The results reflect our commitment to building on our track record of solidfinancial performance, and our capability to constantly innovate will ensure we stay ahead of the curve atall times. We are counting on the enduring support of our loyal customers and the hard work of ourdedicated staff to continually make end-to-end financial services easily accessible to everyone and tocreate the best outcomes for all our customers and the communities in which we operate.”

He further stated that; “Looking forward, we are focused on bringing to bear the full benefits of our newcorporate   structure   by   consolidating   our   leading   position   in   all   the   economies   where   our   franchiseoperates. We will also diversify our earnings from core banking, continue to empower businesses acrossAfrica and beyond, and generate long-term returns for our shareholders.”

Overall,  Guaranty  Trust   Bank   Plc  continues to  post  one   of  the best metrics  in   the   Nigerian  Bankingindustry in terms of key financial ratios i.e., Post-Tax Return on Equity (ROAE) of 19.7 per cent, Post-Tax Returnon Assets (ROAA) of 3.2 per cent, Full Impact Capital Adequacy Ratio (CAR) of 24.0 per cent and Cost to Income ratioof 49.0 per cent.

Guaranty Trust Bank Plc has been at the forefront of delivering innovative banking products and servicesto customers and superior Return-on-Equity (ROE) to shareholders. It is widely regarded as the  bestmanaged financial institution in Nigeria and was recently recognized as Africa’s Best Bank and the BestBank in Nigeria at the 2021 Euromoney Awards for Excellence. Guaranty Trust Bank Plc also retained itsposition as Africa’s Most Admired Financial Services Brand in the 2021 ranking.

YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE

We Have Not Had Water Supply In Months ― Abeokuta Residents

In spite of the huge investment in the water sector by the government and international organisations, water scarcity has grown to become a perennial nightmare for residents of Abeokuta, the Ogun State capital. This report x-rays the lives and experiences of residents in getting clean, potable and affordable water amidst the surge of COVID-19 cases in the state…

Selfies, video calls and Chinese documentaries: The things you’ll meet onboard Lagos-Ibadan train

The Lagos-Ibadan railway was inaugurated recently for a full paid operation by the Nigerian Railway Corporation after about a year of free test-run. Our reporter joined the train to and fro Lagos from Ibadan and tells his experience in this report…