Guaranty Trust Bank Plc has reported profit before tax of N53.7 billion for the first quarter of 2021, ended March 31, representing 7.8% decline compared to the N58.2billion recorded in the corresponding period of 2020.
This a according to the bank’s unaudited results for the period released to the Nigerian and London Stock Exchanges.
According to the results, Deposit Liabilities increased by 3.0% from ₦3.611trillion in December 2020 to ₦3.717trillion in March 2021, whilst the Group’s Loan book (Net) dipped by 1.4% from ₦1.663trillion recorded as at December 2020 to ₦1.639trillion in March 2021.
The Bank’s Balance sheet remained well structured and diversified with Total assets and Shareholders’ Funds closing at ₦4.993trillion and ₦837.2billion respectively.
Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 26.1%, while Asset quality was sustained as NPL ratio and Cost of Risk (COR) closed at 6.1% (Bank: 5.6%) and 0.11% (Bank: 0.02%) in March 2021 from 6.0% (Bank: 5.9%) and 0.08% (Bank: 0.01%) in March 2020 respectively.
Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr. Segun Agbaje, said; “We have started off the 2021 financial year on a fair footing, and our first-quarter results demonstrate our ability to continue delivering strong and sustainable returns, despite the macroeconomic uncertainties that persist in our business environment.
“This is a reflection of the resilience of our franchise, our prudent approach to risk management, and the efficacy of our digital-first customer-centric business strategy.”
He further stated that; “Looking forward, we are optimistic about the long-term value that we will continue to create as an organization.
“We strongly believe that our new growth strategy, together with the enduring loyalty of our customers, the hard work and dedication of our staff, and the unwavering support we continue to enjoy from our shareholders, will enable us to drive and deliver best-in-class financial solutions for people, businesses and communities across Africa and beyond.”