By Editor
Guaranty Trust Bank plc has released its audited financial results for
the year ended December 31, 2for019 to the Nigerian and London Stock
Exchanges.
A review of the results shows 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 ₦231.7billion, representing a growth of 7.5% over
₦215.6billion recorded in the corresponding year ended December 2018.
The Bank’s Loan Book grew by 19.0% from ₦1.262trillion in December 2018
to ₦1.502trillion in December 2019, while customers’ deposits increased
by 11.4% to ₦2.533trillion from ₦2.274trillion in December 2018.
The Bank maintained a well-structured and diversified balance sheet
with Total assets and Shareholders’ Funds closing at ₦3.759trillion and
₦687.3Billion respectively. Full Impact Capital Adequacy Ratio (CAR)
remained very strong, closing at 22.5%. In terms of Assets quality, NPL
ratio improved to 6.5% in December 2019 from 7.3% in December 2018 while
Cost of Risk (COR) remained flat at 0.3%. Complementing the improvement
noted in NPLs, the Bank maintained adequate Loan Loss coverage of
126.6% for Lifetime Credit Impaired Loans (NPLs) compared to 105.1%
recorded in December 2018.
Commenting on the financial results, the Managing Director/CEO of
Guaranty Trust Bank plc, Mr. Segun Agbaje, said; “At GTBank, we exist to
provide excellent service to our customers and generate the returns
that our shareholders expect. Our strong financial performance in 2019
demonstrates that we are delivering on both fronts. We achieved healthy
growth across all our major businesses despite varying degrees of
uncertainty and volatility, and we are making progress in positioning
our business for long-term growth in the face of a rapidly changing
competitive landscape.”
He further stated that; “Underpinning our strong financial
performance is our commitment to being there for our customers when it
matters most. That is why, powered by the fundamental strength of our
brand, and guided by our strategy of putting our customers at the centre
of everything we do, we will continue to design and deliver financial
services that not only solves our customers’ real pain points but also
leaves them better after every interaction.”
Guaranty Trust Bank plc continues to be best-in-class in the Nigerian
banking industry in terms of financial ratios i.e. Post-Tax Return on
Equity (ROAE) of 31.2%, Post-Tax Return on Assets (ROAA) of 5.6%, and
Cost to Income ratio of 36.1%. These ratios reflect the experienced
Management, and efficient Balance sheet structure coupled with
operational efficiency of the Bank. The Bank is proposing final dividend
of ₦2.50k per unit of ordinary share held by shareholders in addition
to interim dividend of 30k per unit of ordinary share bringing total
dividend for 2019 final year to ₦2.80k per ordinary share.
In recognition of the Bank’s bias for world class corporate
governance standards, excellent service delivery and innovation, GTBank
has been a recipient of numerous awards over the years. Some of the
awards include Best Bank in Africa and Best Bank in Nigeria, by the
Euromoney Magazine (2019), Best Banking Group and Best Retail Bank
Nigeria from World Finance Magazine (2019), Bank of the Year – Nigeria
from the Banker Magazine (2018), Most Innovative Bank from the African
Investor (2018), and Best Digital Banking Brand in Nigeria from the
Global Brands Magazine (2018).
Communication & External Affairs.
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