The recently released Guaranty Trust Bank unaudited Financial Results for the period ended March 31, 2021 is a reflection of the resilience of the bank’s franchise, its prudent approach to risk management and the efficacy of its digital-first customer-centric business strategy. This is according to Mr Segun Agbaje, the Managing Director/CEO of the Nigerian financial institution. The results show a Profit before tax of ₦53.7billion.
Commenting further on the financial results, Mr. Segun Agbaje, said; “We have started off the 2021 financial year on a fair footing, and our first-quarter results demonstrate our ability to continue delivering strong and sustainable returns, despite the macroeconomic uncertainties that persist in our business environment.”
He added that; “Looking forward, we are optimistic about the long-term value that we will continue to create as an organization. We strongly believe that our new growth strategy, together with the enduring loyalty of our customers, the hard work and dedication of our staff and the unwavering support we continue to enjoy from our shareholders, will enable us drive and deliver best-in-class financial solutions for people, businesses and communities across Africa and beyond.”
From the report, Guaranty Trust Bank PLC continues to post one of the best metrics in the Nigerian Banking industry in terms of all Financial Ratios including; Return on Equity (ROAE) of 26.0%, Return on Assets (ROAA) of 4.3%, Full Impact Capital Adequacy Ratio (CAR) of 26.1% and Cost to Income ratio of 42.6%. A review of the result shows a resilient performance across all key financial metrics in the face of the unprecedented macroeconomic challenges; especially around the attendant economic fallout of the Covid-19 pandemic.
Banking industry insiders say this is a reflection of the quality of past decisions by the bank which reaffirms its position as one of the best managed financial institutions in Africa. Guaranty Trust Bank’s balance sheet remained well structured and diversified with total assets and Shareholders’ Funds closing at ₦4.993trillion and ₦837.2billion respectively. Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 26.1%, while Asset quality was sustained as NPL ratio and Cost of Risk (COR) closed at 6.1% (Bank: 5.6%) and 0.11% (Bank: 0.02%) in March 2021 from 6.0% (Bank: 5.9%) and 0.08% (Bank: 0.01%) in March 2020 respectively.
Renowned for its forward-thinking approach to financial services and customer engagement, GTBank was recently ranked Africa’s Most Admired Finance Brand in the 10th-anniversary rankings of Brand Africa 100: Africa’s Best Brands, the pre-eminent survey and ranking of the Top 100 admired brands in Africa. The Bank was also awarded the Best Bank in Nigeria by Euromoney Magazine for a record-extending tenth time and the Euromoney Excellence in Leadership Africa Award for its swift reaction in responding to the Covid-19 crisis and for addressing the impact of the pandemic on its customers and communities.
