UNAUDITED Q3 GROUP RESULTS FOR THE PERIOD ENDED SEPEMBER 30, 2020: DECLARES A PBT OF N167.4BILLION
Lagos Nigeria – November 19, 2020 – Guaranty Trust Bank Plc ("GTBank"), (Bloomberg: GUARANTY:NL/Reuters: GUARANT.LG), provider of diversified financial services, announces its unaudited Financial Results for the period ended 30 September 2020 and declares a PBT of N167.4bn.
Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr. Segun Agbaje, said; "Our 3rd Quarter result is a reflection of how we have appropriately positioned our balance sheet to cope with current economic realities and the challenging business environment. It is also testament to the enduring loyalty of our customers, the hard work and dedication of our staff and the unwavering support we continue to enjoy from all our stakeholders in our drive to deliver best-in-class financial services and superior and sustainable returns."
He further stated that; "As an organization, we will continue to build on our commitment to enriching lives by leveraging our digital-first customer-centric strategy to improve customer experience and maintain a high standard in service delivery, and going beyond banking to create and drive innovative financial solutions that add value to our customers in all aspects of their lives."
Financial Highlights
– Profit before tax of N167.4bn; representing a decrease of 1.9% over N170.7bn recorded in 30 September 2019 and an improvement on the 5.2% dip posted in H1-2020 relative to H1-2019.
– Profit after tax decreased by 3.2% to N142.3bn from N147.0bn of 30 September 2019.
– Earnings per share of 502kobo compared to 519kobo per share of 30 September 2019.
– Interest Income of N228.2bn (30 September 2019: N224.2bn) up 1.8% as a result of 2.0% growth in interest income on loans and advances and 7.3% increase in interest income on fixed income securities.
– Non-Interest Income of N101.7bn (30 September 2019: N101.8bn) down 0.1% largely as a result of 22.7% dip in fee and commission income, partly offset by N3.8bn increase in net trading income at Parent level and 3.5% growth in Other Income line.
– Net interest margin remained strong at 9.5% (30 September 2019: 9.4%).- Net loans and advances of N1.569trn (31 December 2019: N1.502trn) up 4.5%.- Deposits from customers of N3.191trn (31 December 2019: N2.533trn) up 26.0%.- Restricted deposits and other assets which comprise largely of restricted deposits with central banks increased by 102.8% to N1.171trn in September 2020from N577.4bn in December 2019.- Non-performing loans to total loans at 6.5% (31 […]
