GTBank Profit Dips by 3.2 Percent to N142 Billion in Nine Months

Guaranty Trust Bank Plc, Nigeria’s best digital bank, reported a profit after tax of N142.283 billion in the nine months ended September 30, 2020.

In the unaudited financial statements released on Thursday, this was 3.2 percent below N146.989 billion filed in the same period of 2019.

The lender grew net income from N173 billion achieved in the corresponding period of 2019 to N188 billion in the period under review.

Net fee income declined from N46 billion recorded in the nine months ended September 2019 to N33 billion in the same period of 2020. While loan impairment charges grew by 267 percent to N10.145 billion in 2020, up from N2.762 billion filed in 2019.

GTbank profit before tax declined by 1.9 percent to N167.352 billion, against the N170.652 billion achieved in 2019. Gross earnings increased to N328 billion, representing 1.3 percent growth when compared to N324 billion posted in the same period of 2019.

The bank’s net asset grew by 9.9 percent from N687 billion in the corresponding period of 2019 to N756 billion in 2020. GTBank’s total assets and shareholders’ funds stood at N4.574 trillion and N755.5 billion, respectively.

Commenting on the bank’s performance for the period, Mr. Segun Agbaje, the Managing Director/CEO of GTBank Plc, said: “Our third quarter result is a reflection of how we have appropriately positioned our balance sheet to cope with current economic realities and the challenging business environment. It is also testament to the enduring loyalty of our customers, the hard work and dedication of our staff and the unwavering support we continue to enjoy from all our stakeholders in our drive to deliver best-in-class financial services and superior and sustainable returns.”

Agbaje added that “as an organisation, they will continue to build on their commitment to enriching lives by leveraging our digital-first customer-centric strategy to improve customer experience and maintain a high standard in service delivery, and going beyond banking to create and drive innovative financial solutions that add value to our customers in all aspects of their lives.”