Guaranty Trust Bank Plc has posted a profit before tax of N238.1 billion for the financial year ended December 31, 2020.
The bank audited results released on the Nigerian and London Stock Exchanges revealed that the Group profit – before – tax grew by 2.8 per cent from N231.7 billion recorded in 2019 to N238.1 billion in 2020.
A review of the result showed improved performance across all key financial metrics in the face of the unprecedented challenges brought on by the COVID-19 pandemic, reflecting the quality of past decisions and reaffirming its position as one of the best managed financial institutions in Africa.
The Group’s Loan book (Net) grew by 10.7 per cent from N1.502 trillion recorded as at December 2019 to N1.663 trillion in December 2020, while Customers’ deposits increased by 38.6 per cent from N2.533 trillion in December 2019 to N3.509 trillion in December 2020.
The bank’s remained well structured, diversified and resilient with total assets and shareholders’ funds closing at N4.945 trillion and N814.4 billion respectively.
Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 21.9 per cent, while Asset quality was sustained as NPL ratio and Cost of Risk (COR) closed at 6.4 per cent and 1.2 per cent in December 2020.
Speaking on the financial results, the managing director/CEO of Guaranty Trust 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.”
Agbaje added that “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 that; “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.”