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GTBank reports N94bn H1’20 PAT

Guaranty Bank Trust (GTBank) Plc has posted a profit after tax of N94.271 billion for the half year ended June 2020 in contrast to N99.138 billion posted in the same period of 2019, accounting for a drop of 4.90 per cent. This is contained in the bank’s unaudited financial result released by the Nigerian Stock Exchange (NSE) in Lagos. Profit before tax stood at N109.713 billion, representing a decline of 5.24 per cent over N115.787 billion recorded in the corresponding period of June 2019. Gross earnings rose by 1.47 per cent from N221.869 billion to N225.138 billion.

GTBank posted a profit after tax of N50.067 billion for the first quarter ended March 2020 in contrast to N49.303 billion posted in 2019, accounting for a growth of 1.3 per cent. This is contained in the bank’s unaudited financial result released by the Nigerian Stock Exchange (NSE) in Lagos. Profit before tax stood at N58.2 billion, representing a growth of 2.1 per cent over N57.0 billion recorded in the corresponding period of March 2019.

The Bank’s Loan Book grew by 8.0 per cent from N1.502 trillion as at December 2019 to N1.622 trillion in March 2020, while customers’ deposit increased by 9.3 per cent to N2.768 trillion from N2.533 trillion in the same period. The bank maintained a structured and diversified balance sheet with total assets and Shareholders’ Funds closing at N4.057 trillion and N661.1 billion respectively.

Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 23.5 per cent. In terms of Assets quality, NPL ratio and Cost of Risk (COR) improved to 6.0 per cent and 0.1 per cent in March 2020 from 6.5 per cent and 0.3 per cent in December 2019 respectively. Loan Loss coverage also improved to 130.5 per cent for Lifetime Credit Impaired Loans (NPLs) compared to 126.6 per cent in December 2019.

 

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