Sunday, September 26, 2021

    GTBank reports N3.7trn deposit surge in Q1’21

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    Godwin Okafor
    Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

    Guaranty Trust Bank Plc has grown its total deposit for the first quarter ended March 31, 2021 (Q1’21) to N3.717 trillion, representing 3.0 percent increase compared to N3.611 trillion recorded in Q1’20.

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

    The bank’s Capital Adequacy Ratio (CAR) remained very strong, 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.

    Commenting on the financial results, Mr. Segun Agbaje, Managing Director/CEO, Guaranty Trust Bank Plc, 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. ‘

    ‘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.’

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