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.
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.
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.