GTBank Grows Total Deposit For Q1 2021 To N3.7 Billion

Guaranty Trust Bank has grown its total deposit for Q1 2021 to N3.717 trillion, an increase of 3 percent compared to the N3.61 trillion it recorded in the corresponding period of 2020(Q1 2020).

The financial report of the bank for the period released in the Nigerian Exchange Limited, however, revealed that the bank’s profit (before tax) dropped 7.8 percent to N53.7 billion from N58.2 billion recorded in the corresponding period in Q1 20.

It's Capital Adequacy Ratio (CAR) remained very strong, however, closing at 26.1 percent, while asset quality was sustained as Non-Performing Loan (NPL) ratio and Cost of Risk (COR) closed at 6.1 percent and 0.11 percent in March 2021 from 6.0 percent and 0.08 percent in March 2020 respectively.

The bank's MD/CEO, Mr. Segun Agbaje, in his comments on the results, 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 continued, "This is a reflection of the resilience of our franchise, our prudent approach to risk management, and the efficacy of our digital-first customer-centric business strategy. Looking forward, we are optimistic about the long-term value that we will continue to create as an organization"

As of the close of Tuesday's trading session, the share price of the Guaranty Trust Bank stood at N31.15. Its stock, (GUARANTY), recorded a drop of 0.48 percent from the previous day's trading session (Monday), where it closed at N31.3. GUARANTY began the year with a share price of 32.35 NGN but has since lost 3.71% off that price valuation, putting it 109th on the Nigerian Stock Exchange in terms of year-to-date performance.