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GTB posts N109.7b profit in first half •To pay N8.83b interim dividend September 4, 2
#1
GTB posts N109.7b profit in first half
•To pay N8.83b interim dividend
September 4, 2020


[/url][Image: GTBANK-CEO-Segun-Agbaje-2-411x375.jpg]

GTBANK CEO Segun Agbaje

[url=https://thenationonlineng.net/wp-content/uploads/2020/09/GTBANK-CEO-Segun-Agbaje-2.jpg]





Nigeria’s most capitalised financial institution, Guaranty Trust Bank (GTB) Plc reported a pre-tax profit of N109.7 billion in the first half of this year.

The board of the bank has declared interim dividend of N8.83 billion or 30 kobo per share for the first half, sustaining the long-established tradition of paying dividend twice a year.

Key extracts of the audited financial results for the half year ended June 30, 2020 released yesterday at the Nigerian Stock Exchange (NSE) and London Stock Exchange (LSE) showed steady growths in key operational indices, although the bottom-line declined marginally.


Loan book grew by 8.1 per cent from N1.502 trillion recorded as at December 2019 to N1.624 trillion in June 2020. Customer deposits increased by 18.5 per cent to N3.0 trillion from N2.53 trillion in December 2019. Profit before tax closed first half 2020 at N109.7 billion, representing a decrease of 5.2 per cent from N115.8 billion recorded in the corresponding period of 2019.

Total assets stood at N4.511trillion while shareholders’ funds stood at N720.9 billion. In terms of asset quality, non-performing loan ratio and cost of risk closed at 6.8 per cent and 0.4 per cent in June 2020 from 6.5 per cent and 0.3 per cent in December 2019 respectively. Overall, asset quality remains stable with adequate coverage of 118.1 per cent while capital remains strong with capitak adequacy ratio (CAR) of 22.9 per cent.

With these, return on equity (ROAE) and return on assets (ROAA) stood at 26.8 per cent and 4.6 per cent respectively.

Chief Executive Officer, Guaranty Trust Bank (GTB) Plc, Mr. Segun Agbaje, said while this period is undoubtedly tough and trying time for people, businesses and economies the world over, the bank’s financial performance in the first half of the year reflected the quality of its past decisions which have broadened its earnings and strategically positioned it to thrive, thus far, through the current global health and economic crises.

He pointed out that underpinning the financial performance iwas the bank’s commitment to being there for its customers and the communities it serves.

He noted that over the past six months, the bank has lent the full weight of its r franchise to safeguarding lives and livelihoods of staff and customers by leading from the front in the fight to curtail the COVID-19 outbreak and offering grace periods on loans to small business customers.

“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,” Agbaje said.
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