GTBank declares N198.85bn profit for 2019

Guaranty Bank Trust (GTBank) Plc on Monday posted a profit of N196.85 billion for the financial year ended December 31, 2019, just as it declared a final dividend of N2.50 per share.

This is contained in the bank’s audited financial results released by the Nigerian Stock Exchange (NSE) in Lagos.

The profit after tax represented an increase of 6.6 per when compared with N184.71 billion achieved in the comparative period of 2018.

Profit before tax stood at N231.7 billion from N215.59 billion posted in 2018, an increase of 7.5 per cent.

Its interest income dropped by 3.5 per cent during the period under review to N296.21 billion from N306.96 billion in 2018.

Also, interest expense was down by 23.3 per cent to N64.84 billion as against N84.530 billion achieved in 2018.

Deposits from customers rose by 11.4 per cent to N2.53 trillion from N2.27 trillion, while net loans and advances grew by 19 per cent to N1.50 trillion from N1.26 trillion in 2018.

Total assets stood at N3.76 trillion, up by 14.3 per cent when compared with N3.29 trillion declared in the corresponding period of 2018.

Segun Agbaje, the bank’s Chief Executive Officer, while commenting on its audited half year results recently, said that it delivered good results in spite of a challenging market.

“We have delivered good results in spite of a challenging market, characterised by varying degrees of uncertainty and a rapidly changing competitive landscape.

“Our strong financial performance is underpinned by our unwavering focus on delivering value for our shareholders and reimagining the role we play in our customers’ lives,” Mr Agbaje stated.

He noted that the bank was committed to building a long-term business in a rapidly changing world and increasingly unpredictable environment.

(NAN)