Guaranty Trust Bank plc has grown its loan book by N120 billion according to its unaudited financial results for the period ended March 31, 2020 submitted to the Nigerian and London Stock Exchanges (NSE).
A review of the results shows positive performance across all financial indices, reaffirming the Bank’s position as one of the most profitable and well managed financial institutions in Nigeria. The Bank’s Loan Book grew by 8.0% from ₦1.502trillion as at December 2019 to ₦1.622trillion in March 2020, while customers’ deposit increased by 9.3% to ₦2.768trillion from ₦2.533trillion in the same period. Profit before tax stood at ₦58.2billion, representing a growth of 2.1% over ₦57.0billion recorded in the corresponding period of March 2019.
The Bank maintained a diversified balance sheet with Total assets and Shareholders’ Funds closing at ₦4.057trillion and ₦661.1Billion respectively.
Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr. Segun Agbaje, said: “These are very difficult and uncertain times, not just for the financial services sector and the economy as a whole, but also for hundreds of millions of people around the world whose lives and livelihoods have been put at risk by the COVID-19 pandemic.
“At GTBank, we know that the impact of this pandemic may sustain for months to come, but we remain positive that, by staying nimble and continuing to build on the strength of our businesses, we are appropriately positioned to cope with emerging economic realities, as reflected in our first quarter result.”
