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  • Business - Companies
  • Updated: April 22, 2021

Guaranty Trust Bank Reports N53.7bn Profit In Q1

Guaranty Trust Bank Reports N53.7bn Profit In Q1

Guaranty Trust Bank Plc declared a profit before tax of N53.7 billion in its unaudited financial results for the first quarter of the year 2021.

The lender disclosed its financial performance for the period which ended March 31, 2021, on both the Nigerian and London Stock Exchanges on Wednesday.

It went on to state that a review of the result showed a resilient performance across all key financial metrics in the face of unprecedented macroeconomic challenges, reflecting the quality of past decisions and reaffirming its position as one of the best managed financial institutions in Africa.

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“The group reported profit before tax of N53.7bn, representing a drop of 7.8 percent over N58.2bn recorded in the corresponding period of March 2020,” it stated.

Deposit Liabilities increased by three percent from N3.611 trillion in December 2020 to N3.717 trillion in March 2021, whilst the Group’s loan book (Net) dipped by 1.4 percent from N1.663 trillion recorded as of December 2020 to N1.639 trillion in March 2021.

Guaranty Trust bank claims that its balance sheet remained well structured and diversified with total assets and shareholders’ Funds closing at N4.993 trillion and N837.2 billion respectively.

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Managing Director/Chief Executive Officer, Guaranty Trust Bank Plc, Mr. Segun Agbaje, said about the results, “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, he said, it was optimistic about the long-term value that it would continue to create as an organisation. “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.”

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