GTBank Releases 2020 Half Year Audited Results – Guaranty Trust Bank plc has released its audited financial results for the half year ended June 30, 2020 to the Nigerian and London Stock Exchanges.
The half year result reflects GTBank’s leading position as one of the best managed financial institutions in Africa. The Bank’s loan book grew by 8.1% from ₦1.502trillion recorded as at December 2019 to ₦1.624trillion in June 2020 and customer deposits increased by 18.5% to ₦3.001trillion from ₦2.533trillion in December 2019. Profit before Tax closed at ₦109.7billion, representing a decrease of 5.2% over ₦115.8billion recorded in the corresponding period of 2019.
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The Bank closed the half year ended June 2020 with Total Assets of ₦4.511trillion and Shareholders’ Funds of ₦720.9Billion. In terms of Asset quality, NPL ratio and Cost of Risk closed at 6.8% and 0.4% in June 2020 from 6.5% and 0.3% in December 2019 respectively. Overall, asset quality remains stable with adequate coverage of 118.1%, while Capital remains strong with CAR of 22.9%. On the backdrop of this result, Return on Equity (ROAE) and Return on Assets (ROAA) stood at 26.8% and 4.6% respectively. The Bank is proposing an interim dividend of 30kobo per ordinary share of 50 kobo each for period ended June 30, 2020.