By Jeph Ajobaju, Chief Copy Editor
Guaranty Trust Bank (GTBank) recorded N93.1 billion profit before tax (PBT) for the half year ended June 30 (H1 2021), a drop of 15.2 per cent from N109.7 billion in H1 2020.
“The results reflect our commitment to building on our track record of solid financial performance, and our capability to constantly innovate will ensure we stay ahead of the curve at all times,” said GT Holding Group Chief Executive Officer, Segun Agbaje, quoted by the News Agency of Nigeria (NAN).
“We are counting on the enduring support of our loyal customers and the hard work of our dedicated staff to continually make end-to-end financial services easily accessible to everyone and to create the best outcomes for all our customers and the communities in which we operate.
“Looking forward, we are focused on bringing to bear the full benefits of our new corporate structure by consolidating our leading position in all the economies where our franchise operates.
“We will also diversify our earnings from core banking, continue to empower businesses across Africa and beyond, and generate long-term returns for our shareholders.”
Gross earnings dropped to N207.91 billion in H1 2021 against N225.13 billion in H1 2020.
Agbaje said the structure and earning capacity of the Group’s balance sheet remain resilient, with total assets at N5.01 trillion, driven by a 4 per cent rise in deposit liabilities to N3.75 trillion H1 2021 from N3.61 trillion in H2 2020.
He also disclosed a 1.8 per cent dip in net loans from N1.66 trillion in H2 2020 to N1.63 trillion in H1 2021.
He attributed the decrease in profits to the operating environment, but stressed that the full Impact Capital Adequacy Ratio (CAR) remains very strong, closing at 24.0 per cent.
The board of directors has proposed an interim dividend of 30k per ordinary share of 50k each.
