Guaranty Trust Bank plc has recorded N53.7billion profit before tax in its first-quarter results ended March 31, 2021. This was against the ₦58.2billion recorded in the corresponding period of 2020.
The bank’s deposit liabilities increased by 3.0 percent from ₦3.611trillion in December 2020, to ₦3.717trillion in March 2021, whilst the Group’s Loan book dipped by 1.4percent from ₦1.663trillion recorded as of December 2020 to ₦1.639trillion in March 2021.
The unaudited result which was made available to the Nigerian and London Stock Exchanges, shows a resilient performance across all key financial metrics in the face of the unprecedented macro-economic challenges, reflecting the quality of past decisions and reaffirming its position as one of the best managed financial institutions in Africa.
GTBank’s Balance sheet remained well structured and diversified with Total assets and Shareholders’ Funds closing at ₦4.993trillion and ₦837.2billion respectively.
Full Impact Capital Adequacy Ratio remained very strong, closing at 26.1percent, while Asset quality was sustained as NPL ratio and Cost of Risk closed at 6.1percent.
Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr Segun Agbaje, said; “We have started off the 2021 financial year on a fair footing, and our first-quarter results demonstrate our ability to continue delivering strong and sustainable returns, despite the macro-economic uncertainties that persist in our business environment.
“This is a reflection of the resilience of our franchise, our prudent approach to risk management and the efficacy of our digital-first customer-centric business strategy”.
He further stated that; “Looking forward, we are optimistic about the long-term value that we will continue to create as an organization.
“We strongly believe that our new growth strategy, together with the enduring loyalty of our customers, the hard work and dedication of our staff and the unwavering support we continue to enjoy from our shareholders, will enable us to drive and deliver best-in-class financial solutions for people, businesses and communities across Africa and beyond.”