GTBank Announces A Profit After Tax Of N201 Billion

Nigeria's most valuable bank, GTBank recorded an impressive profit last year despite the economic meltdown brought on by the coronavirus pandemic. 

According to the bank's annual report, it saw an increase of 2.3 percent in Profit after tax, going to N201.439 billion from N196.708 billion in 2019.

Net interest income jumped to N253.228 billion from N231.363 billion, a 9.6 percent growth.

The bank also recorded growth in deposits, as it went from N2.5 trillion to N3.5 trillion.

Profit before tax went up to N238.095 billion, showing a growth of 2.8 percent when compared with the N231.708 billion profit gotten in 2019, as general profits increase by 4.6 percent from 2019, going from N435.307 billion to N455.229 in 2020.

Personal expenses and other operating costs also increased as expenses climbed to N130.971 billion from N147.438 billion. While 12.6% higher than the past year, it is also lower than the inflation rate of 13.2% which shows how cost-effective the organization is.

In the area of loans, the bank recorded N1.66 trillion in loans and advances, with another N19.57 billion secured from loan impairment charges, a 298% growth from the N4.92 billion secured in 2019.  

The profit will also get to shareholders as GT Bank has proposed to pay N88.24 million as dividends, at N2.70 per share. This is the highest amount paid in the bank's 30 years of existence.

 The group's managing director Segun Agbaje, guaranteed stakeholders of the bank's dedication to improving the customer experience by prioritizing their customers' experience, especially with digital strategies, and providing financial solutions which add value to lives.

Founded in 1988, GTBank is one of Nigeria's top banks.

The Bank became the first Nigerian financial Institution to undertake a $350 million regulation *S Eurobond issue and a $750 million *Global Depositary Receipts (GDR) Offer in 2007. It also became the first Nigerian company to be listed on the main market of the London Stock Exchange.

One of GT Bank's appeal is that it caters to millennials and their needs. The bank is well known for its annual fashion weekend, one of the biggest fashion events in the country which serves as a major networking event for fashion enthusiasts and showcases pieces from African designers to a global audience.

*A Eurobond issue is used to finance a company's expansion into a foreign market. It raises the money that is required in the currency required, without forex.

*Global Depositary Receipts are certificates issued to depository banks, which represent shares in a foreign company.