GTBank Records N201.4 Billion Profit After Tax in 2020

Guaranty Trust Bank Plc, Nigeria’s most capitalised bank, grew profit after tax to N201.439 billion in 2020 financial year, according to the audited financial statements released through the Nigerian Stock Exchange.

The leading financial institution realised N253.668 billion net interest income in the year under review, up from N231.363 billion achieved in 2019.

Net interest income after loan impairment charges rose from N226.451 billion in 2019 to N234.095 billion in 2020, while net fee and commission income stood at N46.935 billion, down from N59.444 billion in 2019.

GTbank grew profit before income tax to N238.095 billion in 2020 from N231.708 billion posted in 2019.

Profit for the year improved from N196.849 billion in 2019 to N201.439 in the period under review.

Speaking on the performance, Mr. Segun Agbaje, the Managing Director and Chief Executive Office, Guaranty Trust Bank Plc, said “2020 was arguably the most challenging year that the world has faced in decades. In such unprecedented times, we sought to live out the full extent of our values; safeguarding lives and livelihoods for our people, our customers and across the communities where we operate.

“We were on solid footing going into 2020; the strength, scale and liquidity of our balance sheet, coupled with the quality of our past decisions and the efficacy of our digital-first customer-centric strategy gave us the resilience and flexibility to navigate the economic shocks and market volatility that dominated the year.”

Agbaje further explained that; “Amidst the many challenges that persist, we remain ardent believers in Africa’s growth potential. Our world is increasingly digital, and we see it opening new and exciting opportunities for empowering people and uplifting our communities. With our commitment to deepening customer relationships and intense focus on delivering innovative financial solutions, we enter 2021 well-positioned to lead this new world.”