Guaranty Trust Bank (GTB) has posted profit after tax (PAT) of N201.4 billion for the fourth quarter of 2020, representing 2.3 percent growth from the corresponding period of 2019.
This is according the bank’s 2020 audited results for the period ended December 31st, 2020 posted on the Nigerian Stock Exchange (NSE)
The bank’s bottom-line increase reflected FX revaluation gains in the last quarter of 2020 and steady quarterly net interest income.
The bank thus proposed a final dividend of N2.70 per share, translating to a dividend yield of 9.1% based on the last close price.
The bank’s gross earnings also improved by 4.6% to N455 billion from N435 billion in the corresponding quarter.
Net assets grew by 18.5% from N687 Billion to N814 billion, while asset quality saw slight enhancement as the bank’s Stage 3 loan ratio moderated to 6.4% from 6.5% in FY’19, despite the 11.1% growth in loans amidst the COVID-19 induced uncertainty.