Guaranty Trust (GT) Bank Plc. Records profit after tax of N45.6B in Q1 2021, lower than N50.1B in the same period a year ago

GT Bank Plc has released results for its first-quarter, recording profit after tax of N45.6 billion, dropping from N50.1 billion in the same period a year ago. It also reported profit before tax of N53.7 billion, down N58.2 billion in Q1 2020.

Here’s how the bank performed in the first quarter:

• Profit after tax: N45.6 billion

• Profit before tax: N53.7 billion

• Net interest income: N52.4 billion

• Net interest after loan impairment: N50.6 billion

• Fee and commission income: N17.6 billion

In a copy of its financial statement sent to the Nigerian Exchange (NGX) on Wednesday, GTB said a reason for the reduction in its profit for the quarter is attributed to lower earnings, although expenses remained relatively low.

The bank reported net interest income of N52.4 billion compared to the N64.3 billion it earned in the first quarter of 2020. Net interest income after loan impairment charges fell to N50.6 billion from last year’s N63.1 billion. The rise in account maintenance charges, corporate finance fees, e-business and several others caused a rise in the fee and commission income to N17.6 billion from N14.5 billion.

Total assets and shareholder’s funds closed at N4.993 trillion and N837.2 billion, respectively as seen on GTB’s balance sheet. Full Impact Capital Adequacy Ratio (CAR) closed at 26.1%, while Asset quality remained as NPL ratio.

Segun Agbaje, Managing Director and CEO of GTB speaking about the financial results said the bank started off the year on a “fair footing” and its first-quarter results demonstrate the bank’s ability to continue to deliver strong and sustainable returns.

“Looking forward, we are optimistic about the long-term value that we will continue to create as an organization,” Agbaje said. “We strongly believe that our new growth strategy, together with the enduring loyalty of our customers, the hard work and dedication of our staff and the unwavering support we continue to enjoy from our shareholders, will enable us to drive and deliver best-in-class financial solutions for people, businesses and communities across Africa and beyond.”

GTB ranks as one of the most profitable banks in Nigeria as it continues to post one of the best metrics in Nigeria’s banking sector in terms of financial ratios, including Return on Equity (ROAE), Return on Assets (ROAA), Cost to Income ratio, etc.