Nigeria’s most valuable bank, GTBank posts a Profit After Tax of N201 billion

GTBank, Nigerian most valuable bank via the Nigerian Stock Exchange released its 2020 Audited results for the period ended December 31st, 2020, and reported its profit after tax grew by 2.3% to N201.4 billion.

The Tier-1 bank’s bottom-line increase reflected  FX revaluation gains in the last quarter of 2020 and steady quarterly net interest income.

Guaranty Trust Bank proposed a final dividend of N2.70 per share, translating to a dividend yield of 9.1% based on the last close price.

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Major highlights of the impressive earning results include;

• The Bank’s Gross Earnings growing by 4.6% to N455 billion from N435 billion
• Net Assets grew by 18.5% from N687 Billion to N814 Billion.

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Asset quality improved slightly as the bank’s Stage 3 loan ratio moderated to 6.4% from 6.5% in FY’19, despite the 11.1% growth in loans amidst the COVID-19 induced uncertainty.

With a market value currently standing at N877 Billion, GTBank recorded impressive gains at the end of Thursday’s trading session, as the orange-coloured bank printed gains of about 6.43% to settle at N29.80 per share.