By Fola James
Segun Agabje, the managing director of Guarantee Trust Bank Plc has disclosed that the bank’s customer centric strategy helped the lender to navigate the 2020 economic headwind caused by the COVID 19, successfully. The chief executive of the bank made this known on the crest of N238.1 billion Profit Before Tax, PBT declared by the bank for the 2020 business year.
The results represent over two percent of the 2019 figure and very impressive, according to analysts in the sector who said the Agabake-led commercial bank has maintained its position as one of the most profitable banks in the country.
According to Agbaje “2020 was arguably the most challenging year that the world has faced in decades. In such unprecedented times, we sought to live out the full extent of our values, safeguarding lives and livelihoods for our people, customers and across the communities where we operate.
“We were on solid footing going into 2020; the strength, scale and liquidity of our balance sheet, coupled with the quality of our past decisions and the efficacy of our digital-first customer-centric strategy gave us the resilience and flexibility to navigate the economic shocks and market volatility that dominated the year.”
According to the results submitted to the Nigerian Stock Exchange, NSE the PBT represents a growth of 2.8 per cent over ₦231.7billion recorded in the corresponding year. The group’s loan book (Net) grew by 10.7 per cent from ₦1.502 trillion recorded as of 2019 to ₦1.663 trillion in December 2020 while customers’ deposits increased by 38.6 per cent from ₦2.533 trillion to ₦3.509 trillion in December 2020.
Also the total assets and shareholders’ funds closed at ₦4.945 trillion and ₦814.4billion respectively while the capital adequacy ratio, CAR closed at 21.9 per cent.Net interest income stood at N253.668 billion during the period under review against N291.66 billion in 2019. The bank’s loan book grew by 10.7 per cent to N1.66 trillion from N1.50 trillion achieved in the corresponding period of 2019.. while customers’ deposits increased by 38.6 per cent to N3.51 trillion from N2.53 trillion in December 2019.
The result also indicate that loan and advances to customers stood at N1.66 trillion in contrast with N1.50 trillion in 2019, while Total assets and shareholders’ funds closed at N4.95 trillion and N814.4 billion, respectively.
Meanwhile the managing director of the bank said GT Bank will continue to provide opportunities and empowering people in various communities, adding that digital banking remains key for Africa’s development. He noted that the bank will carry out key decisions with customers in mind.
“Amidst the many challenges that persist, we remain ardent believers in Africa’s growth potential.Our world is increasingly digital, and we see it opening new and exciting opportunities for empowering people and uplifting our communities.“With our commitment to deepening customer relationships and intense focus on delivering innovative financial solutions, we enter 2021 well-positioned to lead this new world,” Agabje said.
