By OLUSHOLA BELLO, Lagos
Guaranty Trust Bank Plc declared a profit before tax of N53.7 billion in its unaudited financial results for the period ended March 31, 2021.
A review of the result released on the Nigerian and London Stock Exchanges yesterday showed 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.
The Group reported Profit before tax of N53.7 billion, representing a drop of 7.8 per cent over N58.2 billion recorded in the corresponding period of March 2020.
Deposit Liabilities increased by three per cent from N3.611 trillion in December 2020 to N3.717 trillion in March 2021, whilst the Group’s loan book (Net) dipped by 1.4 per cent from N1.663 trillion recorded as at December 2020 to N1.639 trillion in March 2021.
The Bank’s balance sheet remained well structured and diversified with total assets and shareholders’ Funds closing at N4.993 trillion and N837.2 billion respectively.
Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 26.1 per cent, while Asset quality was sustained as NPL ratio and Cost of Risk (COR) closed at 6.1 per cent and 0.11 per cent in March 2021 from 6.0 per cent and 0.08 per cent in March 2020 respectively.
Speakking on the financial results, the managing director/CEO of Guaranty Trust Bank, 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 macroeconomic 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 organisation.
“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 drive and deliver best-in-class financial solutions for people, businesses and communities across Africa and beyond.”