December 4, 2020

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GTBank earnings rise to N328bn, as Access records 15.7% profit growth

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GTBankBy Peter Egwuatu

Despite the economic challenges occasioned by the impact of coronavirus (COVID-19) pandemic, Guaranty Trust Bank, GTBank Plc, has recorded improved performance posting  a growth of 1.3  per cent to N328.4 billion in its gross earnings for the  period ended 30th September 2020, Q3’20, as against N324.3 billion in the corresponding period of  2019, Q3’19.

Meanwhile, another Tier-1 bank, Access Bank Plc, also recorded improved performance in its unaudited Q3’20 posting a Profit Before Tax, PBT, of N116.6 billion, representing a growth of 15.7 per cent  from N100.8 billion in Q3’19.

However, Access Bank recorded a decline in its interest income  for Q3’20 posting  N317.7 billion as against N 349.2 billion recorded in Q3’19, just as GTB recorded PBT  of N167.4billion, representing a 1.9  per cent  decrease against N170.7billion recorded in the corresponding period of  Q3’19.

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GTB’s Loan and Deposit size, however, grew by 4.5 per cent and 25.1 per cent respectively to N1.569trillion and N 3.303trillion.

GTB’s balance sheet remained well structured, diversified and resilient with total assets and shareholders’ funds closing at N4.574trillion and N755.5billion respectively. Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 23.9  per cent , while Asset quality was sustained as  Non Performing Loan, NPL ratio and Cost of Risk (COR) closed at 6.5 per cent  and 0.6 per cent  in September 2020 from 6.5 per cent  and 0.3 per cent  in December 2019 respectively.

Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr. Segun Agbaje, said; “Our 3rd Quarter result is a reflection of how we have appropriately positioned our balance sheet to cope with current economic realities and the challenging business environment. It is also testament to the enduring loyalty of our customers, the hard work and dedication of our staff and the unwavering support we continue to enjoy from all our stakeholders in our drive to deliver best-in-class financial services and superior and sustainable returns.”

Vanguard News Nigeria

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