Nigeria’s GTBank records 50 billion Naira profit after tax for first quarter of 2019

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Guaranty Trust Bank (GTB) recorded a profit before tax of 56.984 billion naira for the first quarter ended March 31, 2019.

The results show an increase of 8.3 percent, compared with the 52.624 billion naira recorded in the corresponding period of 2018. Profit after tax (PAT) rose 10.37 percent 44.67 billion naira in 2018 to 49.302 billion naira in 2019.

The bank’s customer deposits also rose by 6.0 percent to 2.41 trillion naira in March 2019 from 2.274 trillion naira in December 2018, whilst the bank’s loan book grew by 1.6 percent from 1.262 trillion naira as at December 2018 to 1.282 trillion naira in March 2019.

GTB’s balance sheet remained strong as it closed the quarter with total assets of 3.556 trillion naira and shareholders’ funds of 627.2 billion naira.

In terms of assets quality, the bank’s Non-Performing Loan (NPL) ratio and Cost of Risk closed 7.03 percent and 0.05 percent in March 2019 from 7.30 percent and 0.34 percent in December 2018 respectively. The coverage for NPL also stood at 90.12 percent.

The Chief Executive Officer of GTB, Segun Agbaje, who commented on the results, said “going into 2019, we knew that it would be a challenging year, but our strategy and unwavering focus on delivering value for our customers and shareholders continues to underpin our ability to consistently deliver solid results despite changing market variables”.

He added that “we carried on the momentum of the previous year, posting strong growth in earnings, effectively managing costs and leveraging our digital-first customer-centric strategy to deliver world-class services that are simple, cheap and easily accessible”.

Agbaje also said that “whilst ensuring the long-term growth of our business is the greatest value that we can create for our communities, we are also leveraging our resources, expertise and network to help people thrive”.

The bank explained that it had continued to be the best in terms of profitability, efficiency and capital among peers and other financial institutions in Nigeria. In recognition of the bank’s bias for world class corporate governance standards, excellent service delivery and innovation, it has been a recipient of numerous awards over the years.

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