GTBank reports N167.4bn gross profit | Dailytrust

GTBank reports N167.4bn gross profit

Guaranty Trust Bank Plc has released its unaudited financial results for the period ended September 30 to the Nigerian and London Stock Exchanges which reveals a Profit before Tax of ₦167.4 billion in Q3, 2020.

The result shows improved performance across key financial metrics, reaffirming the Bank’s capability to navigate the current economic challenges occasioned by impact of COVID 19 on World economies.

The Group reported Profit before tax of ₦167.4bn, representing a decrease of 1.9% over ₦170.7bn recorded in the corresponding period of September 2019 and an improvement on the 5.2% dip posted in H1-2020 relative to H1-2019.

Loan and Deposit book however grew by 4.5% and 25.1% from ₦1.502 trillion and ₦2.640trn recorded as at December 2019 to ₦1.569trn and ₦3.303trn in September 2020 respectively. Total assets and Shareholders’ Funds closed at ₦4.574trn and ₦755.5bn.

The Managing Director/CEO, Mr. Segun Agbaje, said: “Our 3rd Quarter result is a reflection of how we have appropriately positioned our balance sheet to cope with current economic realities and the challenging business environment.”