Guaranty Trust Bank has recorded improved performance across all key financial metrics in the face of the unprecedented challenges brought on by the Covid-19 pandemic, posting profit before tax of N238.1 billion.
The amount represents a growth of 2.8 per cent over N231.7 billion reported in the corresponding period of 2019.
The bank’s performance reflected the quality of past decisions and reaffirming its position as one of the best managed financial institutions in Africa.
A review of the bank audited result showed that the Group’s Loan book (Net) grew by 10.7 per cent from N1.502 trillion recorded as at December 2019 to N1.663trillion in December 2020, while Customers’ deposits increased by 38.6 per cent from N2.533 trillion in December 2019 to N3.509trillion in December 2020.
The Balance sheet remained well structured, diversified and resilient with Total assets and Shareholders’ Funds closing at N4.945trillion and N814.4billion respectively.
Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 21.9 per cent, while Asset quality was sustained as NPL ratio and Cost of Risk (COR) closed at 6.4 per cent while the Bank recorded 5.9 per cent and 1.2 per cent (Bank: 1.0 per cent) in December 2020 from 6.5 per cent (Bank: 6.2 per cent) and 0.3 per cent (Bank: 0.2 per cent) in December 2019 respectively.
Commenting on the financial results, the Managing Director/Chief Executive Officer of Guaranty Trust Bank plc, Mr. Segun Agbaje, said; “2020 was arguably the most challenging year that the world has faced in decades. In such unprecedented times, we sought to live out the full extent of our values; safeguarding lives and livelihoods for our people, our customers and across the communities where we operate.
“We were on solid footing going into 2020; the strength, scale and liquidity of our balance sheet, coupled with the quality of our past decisions and the efficacy of our digital-first customer-centric strategy gave us the resilience and flexibility to navigate the economic shocks and market volatility that dominated the year.”
He said further that, “Amidst the many challenges that persist, we remain ardent believers in Africa’s growth potential. Our world is increasingly digital, and we see it opening new and exciting opportunities for empowering people and uplifting our communities. With our commitment to deepening customer relationships and intense focus on delivering innovative financial solutions, we enter 2021 well-positioned to lead this new world.”
