GTBank announces profit before tax of N238.1bn for 2020

By CHINYERE JOEL-NWOKEOMA

Guaranty Trust Bank Plc in Thursday released its audited financial results for the year ended Dec. 31, 2020 to the Nigerian and London Stock Exchanges, announcing a profit before tax of N238.1 billion.

The audited result released by the bank showed that profit before tax increased by 2.8 per cent to N238.1 billion compared with N231.7 billion posted in the comparative period of 2019.

Net interest income stood at N253.668 billion during the period under review against N291.66 billion in 2019.

The group’s loan book grew by 10.7 per cent to N1.66 trillion from N1.50 trillion achieved in the corresponding period of 2019.

Customers’ deposits increased by 38.6 per cent to N3.51 trillion from N2.53 trillion in December 2019.

Also, loan and advances to customers stood at N1.66 trillion in contrast with N1.50 trillion in 2019.

Total assets and shareholders’ funds closed at N4.95 trillion and N814.4 billion, respectively.

Commenting on the financial results, the Managing Director/Chief Executive Officer of the bank, 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.”

Agbaje said that amidst the many challenges, the bank remained ardent believers in Africa’s growth potential.

“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,” he said. (NAN)