GTBank Releases 2020 Full Year Audited Results …Reports Profit before Tax of ₦238.1 Billion

Guaranty Trust Bank plc has released its Audited Financial Results for the year ended December 31, 2020 to the Nigerian and London Stock Exchanges.
A review of the result shows improved performance across all key financial metrics in the face of the
unprecedented challenges brought on by the COVID-19 pandemic, reflecting the quality of past decisions
and reaffirming its position as one of the best managed financial institutions in Africa. The Group reported
Profit before tax of ₦238.1billion, representing a growth of 2.8% over ₦231.7billion recorded in the
corresponding year ended December 2019. The Group’s Loan book (Net) grew by 10.7% from
₦1.502trillion recorded as at December 2019 to ₦1.663trillion in December 2020, while Customers’
deposits increased by 38.6% from ₦2.533trillion in December 2019 to ₦3.509trillion in December 2020.
Guaranty Trust Bank’s Balance sheet remained well structured, diversified and resilient with Total assets
and Shareholders’ Funds closing at ₦4.945trillion and ₦814.4billion respectively. Full Impact Capital
Adequacy Ratio (CAR) remained very strong, closing at 21.9%, while Asset quality was sustained as NPL
ratio and Cost of Risk (COR) closed at 6.4% (Bank: 5.9%) and 1.2% (Bank: 1.0%) in December 2020 from
6.5% (Bank: 6.2%) and 0.3% (Bank: 0.2%) in December 2019 respectively.
Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr. Segun
Agbaje, said; “2020 was arguably the most challenging year that the world has faced in decades. In such
unprecedented times, we sought to live out the full extent of our values; safeguarding lives and livelihoods
for our people, our customers and across the communities where we operate. We were on solid footing
going into 2020; the strength, scale and liquidity of our balance sheet, coupled with the quality of our past
decisions and the efficacy of our digital-first customer-centric strategy gave us the resilience and flexibility
to navigate the economic shocks and market volatility that dominated the year.”
He further stated that; “Amidst the many challenges that persist, we remain ardent believers in Africa’s
growth potential. Our world is increasingly digital, and we see it opening new and exciting opportunities for
empowering people and uplifting our communities. With our commitment to deepening customer
relationships and intense focus on delivering innovative financial solutions, we enter 2021 well-positioned
to lead this new world.”
Guaranty Trust Bank plc continues to post the best metrics in the Nigerian Banking industry in terms of all
Financial Ratios i.e. Post-Tax Return on Equity (ROAE) of 26.8%, Post-Tax Return on Assets (ROAA) of
4.6%, Full Impact Capital Adequacy Ratio (CAR) of 21.9% and Cost to Income ratio of 38.2%.
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.