Home Brands and Marketing GTBank Releases H1 Results, Profit Before Tax Hits N93.1bn

GTBank Releases H1 Results, Profit Before Tax Hits N93.1bn

GTBank now Guaranty Trust Holding Company Plc, has released its audited financial results for the period ended June 30, 2021, to the Nigerian and London Stock Exchanges.

A review of the results shows a decent performance across key financial metrics against the challenging business environment. This performance reaffirms GTBank’s ability to cope effectively in depressed times, and as one of the most profitable and well managed financial institutions in Nigeria. The Group reported profit before tax of ₦93.1billion, representing a dip of 15.2% compared to ₦109.7billion recorded in the corresponding period of June 2020. However, the Group’s transactional income maintained an upward trajectory as shown in fees and commission income which grew by 44.7% from ₦26.5billion in H1 2020 to ₦38.3billion in H1 2021.

The structure and earning capacity of the Group’s balance sheet remains resilient with total assets closing at ₦5.017trillion, primarily driven by a 4% increase in deposit liabilities from ₦3.611trillion in December 2020 to ₦3.755trillion in June 2021 and a slight dip in loans (net) by 1.8% from ₦1.663trillion as at December 2020 to ₦1.632trillion in June 2021. However, the dip in profit can be attributed to the present realities of the operating environment. Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 24.0%, while Asset quality was sustained as NPL ratio and Cost of Risk (COR) closed at 6.0% based on IFRS (6.8% based on CBN Prudential Guidelines) and 0.27% in June 2021 to 6.4% and 1.18% in December 2020, respectively.

Commenting on the financials, Mr Segun Agbaje, Group Chief Executive Officer of Guaranty Trust Holding Company Plc said; “The results reflect our commitment to building on our track record of solid financial performance, and our capability to constantly innovate will ensure we stay ahead of the curve at all times. We are counting on the enduring support of our loyal customers and the hard work of our dedicated staff to continually make end-to-end financial services easily accessible to everyone and to create the best outcomes for all our customers and the communities in which we operate.”

He further stated that; “Looking forward, we are focused on bringing to bear the full benefits of our new corporate structure by consolidating our leading position in all the economies where our franchise operates. We will also diversify our earnings from core banking, continue to empower businesses across Africa and beyond, and generate long-term returns for our shareholders.”

Overall, Guaranty Trust Bank Plc continues to post one of the best metrics in the Nigerian Banking industry in terms of key financial ratios i.e., Post-Tax Return on Equity (ROAE) of 19.7%, Post-Tax Return on Assets (ROAA) of 3.2%, Full Impact Capital Adequacy Ratio (CAR) of 24.0% and Cost to Income ratio of 49.0%.

Guaranty Trust Bank Plc has been at the forefront of delivering innovative banking products and services to customers and superior Return-on-Equity (ROE) to shareholders. It is widely regarded as the best managed financial institution in Nigeria and was recently recognized as Africa’s Best Bank and the Best Bank in Nigeria at the 2021 Euromoney Awards for Excellence. Guaranty Trust Bank Plc also retained its position as Africa’s Most Admired Financial Services Brand in the 2021 ranking of The Brand Africa 100: Africa’s Best Brands.

RELATED ARTICLES

Tax Dispute: Tribunal Fixes Ruling Date As MultiChoice Faults FIRS Figures

EaglesPath Online reports that the Lagos zone of the Tax Appeal Tribunal (TAT) hearing the N1.8 trillion tax dispute between the Federal...

49 sacked Total workers protest in Rivers

Oil firm: we have addressed protesters’ issues About 49 ex-servicemen, who worked offshore for Total...

Rite Foods Marks World Clean-up Day, Partners With Lasgidi Recyclers to Clear Lagos of Waste

Rite Foods Limited has joined other organizations around the globe to mark this year's World Clean-up Day by partnering with Lasgidi Recyclers,...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Some Of Buhari’s Harshest Critics Dine With Him At Aso Rock – Femi Adesina

EaglesPath Online reports that Mr Femi Adesina, Special Adviser to President Muhammadu Buhari on Media and Publicity, has said some of the...

I Got N100,000 Share For Kidnapping Bethel High School Students ― Gang Leader

The leader of the kidnapping gang that abducted 136 students of Bethel Baptist High school in Kaduna State identified as Muazu Abubakar...

Nigeria moves to increase trade relations with Iran

EaglesPath Online reports that the Federal Government has called for deepening of trade relations between Nigeria and the Islamic Republic of Iran...

Why politicians campaign with road projects -Fashola

The Minister of Works and Housing, Babatunde Fashola, says politicians campaign with road projects because of their economic impact on society according...

Recent Comments