Business

GTB declares ₦238 billion profit before tax

gtb declares e282a6238 billion profit before

gtb declares e282a6238 billion profit before
Guaranty Trust Bank PLC has released its audited financial results for the year ending December 31, 2020, to the Nigerian and London stock exchanges, declaring a profit before tax (PBT) of N238.1 billion.

The result shows improved performance across all key financial metrics in the face of the unprecedented challenges brought on by the COVID-19 pandemic. This reflects the quality of past decisions and reaffirming its position as one of the best managed financial institutions in Africa, the bank said in a statement.

The PBT represents a growth of 2.8 per cent over ₦231.7billion recorded in the previous year. The group’s loan book (Net) grew by 10.7 per cent from ₦1.502 trillion recorded as of 2019 to ₦1.663 trillion in December 2020 while customers’ deposits increased by 38.6 per cent from ₦2.533 trillion to ₦3.509 trillion in December 2020.

The total assets and shareholders’ funds closed at ₦4.945 trillion and ₦814.4billion respectively while the capital adequacy ratio (CAR) closed at 21.9 per cent.

The Managing Director/CEO of the bank, 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, 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.”





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