Guaranty Trust Bank Plc (GTBank) has released its audited financial results for the year ended December 31, 2020 to the Nigerian and London Stock Exchanges.
A review of the result shows improved performance across all key financial metrics in the face of the unprecedented challenges brought on by the COVID-19 pandemic.
The GTBank group reported profit before tax of ₦238.1billion, representing a growth of 2.8% over ₦231.7billion recorded in the corresponding year ended December 2019. The group’s loan book (net) grew by 10.7% from ₦1.502trillion recorded as at December 2019 to ₦1.663trillion in December 2020, while customers’ deposits increased by 38.6% from ₦2.533trillion in December 2019 to ₦3.509trillion in December 2020.
Guaranty Trust Bank’s balance sheet remained well structured, diversified and resilient with total assets and shareholders’ funds closing at ₦4.945trillion and ₦814.4billion respectively. Full impact capital adequacy ratio (CAR) remained very strong, closing at 21.9%, while asset quality was sustained as NPL ratio and cost of risk (COR) closed at 6.4% (bank: 5.9%) and 1.2% (bank: 1.0%) in December 2020 from 6.5% (bank: 6.2%) and 0.3% (bank: 0.2%) in December 2019 respectively.
Commenting on the financial results, GTBank’s managing director/CEO 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.”
He further stated: “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.”