Guaranty Trust Bank Plc yesterday reported its audited results for the year ended December 31, 2019, showing improved performance despite the challenging operating environment. Net interest income improved from N222.433 billion to N231. Impairment charges stood at N4.911 billion in 2019, as against N4.906 billion in 2018.
Profit before tax (PBT) rose by 7.5 per cent from N215.586 billion to N231.707 billion in 2019, while profit after tax (PAT) increased by 6.6 per cent to N196.849 billion from N184.711 billion.
The bank’s loan book grew by 19 per cent from N1.262 trillion in December 2018 to N1.502trillion in December 2019, while customers’ deposits increased by 11.4 per cent to N2.533trillion from N2.274trillion in December 2018.
The bank maintained a well-structured and diversified balance sheet with total assets and shareholders’ funds closing at N3.759 trillion and N687.3 billion respectively. Capital Adequacy Ratio (CAR) remained very strong, closing at 22.5 per cent, while non-performing loan (NPL) ratio improved to 6.5 per cent in December 2019 from 7.3 per cent in December 2018 while Cost of Risk (COR)remained flat at 0.3 per cent.
The bank has recommended a final dividend of 250 kobo per share, bringing the total dividend to 280 kobo per share, having earlier paid an interim dividend of 30 kobo per share.
Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr. Segun Agbaje, said; “At GTBank, we exist to provide excellent service to our customers and generate the returns that our shareholders expect. Our strong financial performance in 2019 demonstrates that we are delivering on both fronts. We achieved healthy growth across all our major businesses despite varying degrees of uncertainty and volatility, and we are making progress in positioning our business for long-term growth in the face of a rapidly changing competitive landscape.”
He further stated that: “Underpinning our strong financial performance is our commitment to being there for our customers when it matters most. That is why, powered by the fundamental strength of our brand, and guided by our strategy of putting our customers at the centre of everything we do, we will continue to design and deliver financial services that not only solves our customers’ real pain points but also leaves them better after every interaction.”