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Home Business News

GTB releases FY result for 2019, grows PBT by 7.5%

Chike Olisah by Chike Olisah
March 3, 2020
in Business News, Company News, Company Results
GTB releases FY result for 2019, grows PBT by 7.5%, GT bank obtains approval-in-principle from CBN to operate as Holding Company

Mr Segun Agbaje, CEO of Guaranty Trust Bank Plc

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Guaranty Trust Bank Plc (GTB) has released its audited financial statement for full-year December 31, 2019. There are improvements in most of its performance indicators.

In a notification, which was sent to the Nigerian Stock Exchange, the foremost financial institution`s profit before tax for the banking group as of December 31, 2019, was N231.7 billion as against the N215.6 billion in 2018. This represents a 7.5 % increase.

The profit after tax for the group for full-year 2019 stood at N196.8 billion as against the N184.7 billion that was achieved in the corresponding period for 2018. This represents a 6.6% increase.

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The net interest income for full-year 2019 stood at N231.36 billion as against the N222.43 billion. This represents a 4% increase.

The net fee and commission income for full-year 2019 was N59.44 billion as against the N50.47 billion which was recorded for the corresponding period for 2018. This shows a 17.8% increase.

[READ MORE: MTN posts N202.1 billion PAT, up by 38.7% in FY 2019)

From the financial statement, the loans and advances to customers increased sharply to N1.5 trillion for full-year 2019 as against N1.26 trillion that was recorded for the corresponding period for 2018. This represents a 19.2% increase.

The dramatic increase in the disbursement of loans and advances to customers could be attributed to the Central Bank of Nigeria’s increase of Loan to Deposit Ratio (LDR) of banks to 65%.

The group’s balance sheet recorded some improvement as deposits from customers for full-year 2019 was N2.53 trillion as against the N2.27 trillion that achieved for the corresponding period for 2018. This represents 11.4% increase.

You can download the full report here.


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Tags: Business news in NigeriaGTCO HoldingsGuaranty Trust Bank plcNigerian Business NewsNigerian Stock ExchangeOn the Money
Chike Olisah

Chike Olisah

Chike was a banker with over 11 years experience in retail and commercial banking, risk management, treasury portfolio management and relationship management. He also acquired some experience in financial management and do have some special interest in investment analysis and personal finance. He had stints with financial institutions like the former Intercontinental Bank and Fidelity Bank.

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Comments 1

  1. Adeyemo Olaitan says:
    June 4, 2020 at 7:58 pm

    Good day sir,I need your assistant on corporate social responsibility ( CSR) data and profit after tax (PAT) for this selected bank in Nigeria. Access bank,GTB, FCMB,First bank from 2010 to 2019. I’m using this data for my project sir
    Thanks
    Best regards

    Reply

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