Guaranty Trust Bank Plc
AUDITED HALF-YEAR GROUP RESULTS FOR THE PERIOD ENDED JUNE 30, 2020: DECLARES A PBT OF N109.7BILLION
Lagos Nigeria – September 2, 2020 – Guaranty Trust Bank Plc ("GTBank"), (Bloomberg: GUARANTY:NL/Reuters: GUARANT.LG), provider of diversified financial services, announces its audited financial results, in accordance with IFRS, for the period ended 30 June, 2020 and declares a PBT of N109.7bn.
Commenting on the financial results, the Chief Executive Officer of Guaranty Trust Bank plc, Segun Agbaje, said; "These are undoubtedly tough and trying times for people, businesses and economies the world over. Our financial performance in the first half of the year reflects the quality of our past decisions which have broadened our earnings and strategically positioned us to thrive, thus far, through the current global health and economic crises. Underpinning this financial performance is our commitment to being there for our customers and the communities we serve, and over the past six months we have lent the full weight of our franchise to safeguarding lives and livelihoods of our staff and customers by leading from the front in the fight to curtail the Covid-19 outbreak and offering grace periods on loans to our small business customers."
He further stated that "Going forward, our focus is not just to survive this pandemic, but to thrive beyond it. That is why we are going ahead with our plans to reimagine how we create value for all our stakeholders. We know that making financial services work for customers goes beyond banking, and in line with our long-term strategy, we will seek to create and drive innovative financial solutions that go beyond banking."
Financial Highlights
· Resilient Earnings
– Profit before tax of N109.7bn (30 June 2019 N115.8bn) a decrease of 5.2%.
– Profit after tax decreased by 4.9% to N94.3bn from N99.1bn of 30 June, 2019.
– Earnings per share of 332kobo relative to 350kobo per share for comparative period 30 June, 2019.
· Revenue- Interest Income of N153.7bn (30 June 2019: N149.0bn) up 3.2%. The Interest income growth resulted largely from 5.2% growth in interest income on loans and advances and 6.9% increase in interest income on fixed income securities.- Non-Interest Income (NII) of N71.4bn (30 June 2019: N72.9bn) down 2.0% largely as a result of 30.0% dip in fee and commission income and partly offset by 28.1% growth in other income comprising discounts, rebate commissions, revaluation gains, recoveries & others.- Net Interest Margin remained strong at 9.7% […]
