BEVERLY HILLS, March 22, (THEWILL) –Â Tier-1 lender, Guaranty Trust Bank Plc, recorded a profit before tax of N238.1 billion for its full year ended December 31, 2020. This represents a growth of 2.8 percent over N231.7 billion in the corresponding period of 2019.
Amid unprecedented challenges occasioned by the Covid-19 pandemics, customers’ deposits increased to N3.509 trillion in December 2020 from N2.533 trillion in 2019 representing a 38.6 percent increase.
The Group’s Loan book (Net) grew by 10.7 per cent from N1.502 trillion in December 2019 to N1.633 trillion in December 2020, suggesting the bank’s active participation in growing the economy that slid into recession in Q3 2020.
Gross earnings climbed to N455.230 billion up from N435.307 billion, equivalent to a 4.6 per cent growth.
GT Bank will pay shareholders a final dividend per share of N2.70 for 2020, having paid an interim dividend of N0.30 during the year in a move that will culminate in the biggest dividend payout for the lender in its 30-year history.
That implies a total of N88.294 billion to rewarding shareholders for the last financial year.
These facts were contained in the Group’s Audited Financial Results for the year ended December 31, 2020 released to the Nigerian and London Stok Exchanges.
Commenting on the financial results, the Group Managing Director/CEO, Mr. Segun Agbaje, said; “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, our 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.”
