22 Apr 2020 18:29
Guaranty Trust Bank Plc
UNAUDITED Q1 GROUP RESULTS FOR THE PERIOD ENDED MARCH 31, 2020: DECLARES A PBT OF N58.2BILLION
Lagos Nigeria - April 22, 2020 - Guaranty Trust Bank Plc ("GTBank"), (Bloomberg: GUARANTY:NL/Reuters: GUARANT.LG), provider of diversified financial services, announces its unaudited Financial Results for the period ended 31 March 2020 and declares a PBT of N58.2bn.
Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr. Segun Agbaje, said; "These are very difficult and uncertain times, not just for the financial services sector and the economy as a whole, but also for hundreds of millions of people around the world whose lives and livelihoods have been put at risk by the COVID-19 pandemic. At GTBank, we know that the impact of this pandemic may sustain for months to come, but we remain positive that, by staying nimble and continuing to build on the strength of our businesses, we are appropriately positioned to cope with emerging economic realities, as reflected in our first quarter result."
He further stated that, "As a platform for enriching lives, our focus is on safeguarding lives and livelihoods. That is why we are working round the clock to keep all our members of staff and customers safe, supporting the government in combatting the pandemic and being there for our customers in every way that they may need our support at this time."
Financial Highlights
· Strong Earnings
- Profit before tax of N58.2bn (31 March 2019: N57.0bn) an increase of 2.1%.
- Profit after tax improved to N50.1bn from N49.3bn of 31 March 2019.
- Earnings per share of 177kobo compared to 174kobo per share of 31 March 2019.
· Revenue
- Interest Income of N77.0bn (31 March 2019: N74.5bn) up 3.4% as a result of 5.9% growth in interest income on loans and advances and 8.2% increase in interest income on fixed income securities.
- Non-Interest Income remains relatively flat at N35.8bn (31 March 2019: N35.8bn).
- Net interest margin remained strong at 9.9% (31 March 2019: 9.9%).
· Balance Sheet
- Total assets of N4.057trn (31 December 2019: N3.759trn) up 7.9%
- Net loans and advances of N1.622trn (31 December 2019: N1.502trn) up 8.0%.
- Deposits from customers of N2.768trn (31 December 2019: N2.533trn) up 9.3%.
· Credit Quality
- Non-performing loans to total loans improved to 6.0% from 6.5% as at 31 December 2019.
- Coverage for Lifetime Credit Impaired Loans at 130.5% (31 December 2019: 126.6%)
- Cost of Risk at 0.1% (31 December 2019: 0.3%).
· Continued focus on efficiency
- Cost to income of 40.6% (31 March 2019: 38.6%).
· Subsidiaries
- Contribution to PBT from subsidiaries increased to 16.2% from 15.3% in March 2019.
March 2020 Financial Analysis and Ratios
Key Financials (N' billion) | Q1-2020 | Q1-2019 | ∆% |
Interest Income | 77.0 | 74.5 | 3.4% |
Net Interest Income | 64.3 | 58.2 | 10.4% |
Operating Income | 98.0 | 92.9 | 5.5% |
Operating expenses | 39.8 | 35.9 | 10.9% |
Profit before tax | 58.2 | 57.0 | 2.1% |
Profit After Tax | 50.1 | 49.3 | 1.6% |
Earnings per share (in Naira) | 1.8 | 1.7 | 1.5% |
Q1-2020 | FY-2019 | ∆% | |
Total Assets | 4,057.3 | 3,758.9 | 7.9% |
Net Loans | 1,622.0 | 1,502.1 | 8.0% |
Customer Deposits | 2,768.3 | 2,532.5 | 9.3% |
Key Ratios | Q1-2020 | Q1-2019 |
ROAE(post-tax) | 29.7% | 32.8% |
ROAA(post-tax) | 5.1% | 5.8% |
ROAE (pre-tax) | 34.5% | 37.9% |
ROAA (pre-tax) | 6.0% | 6.7% |
Net interest margin | 9.9% | 9.9% |
Cost-to-income ratio | 40.6% | 38.6% |
Q1-2020 | FY-2019 | |
Net Loans to deposits | 56.7% | 56.9% |
Liquidity ratio | 45.6% | 49.3% |
Capital adequacy ratio | 23.5% | 22.5% |
NPL/Total Loans | 6.0% | 6.5% |
Cost of risk | 0.1% | 0.3% |
Coverage (with Reg. Risk Reserves) | 130.5% | 126.6% |
22 April 2020
Enquiries:
GTBank Oyinade Adegite, Head, Communications & External Affairs cea@gtbank.com |
+234-1-2715227 |
Golden Nwaiwu, Head, Investor Relations ir@gtbank.com |
+234-1-4484156 |
Notes to the Editors:
Guaranty Trust Bank is a diversified financial services company with N4.057trillion in assets, providing commercial banking services through 228 local branches, 30 e-branches & Cash Centres, 60 GTExpress locations, 1,356 ATMs, our international subsidiary offices and the Internet (gtbank.com).
The Group operates as one of the leading Nigerian banks offering a wide range of commercial banking services and products throughout Nigeria, West and East African sub-regions as well as the United Kingdom. The Bank is rated B and B+ by S&P and Fitch respectively, a reflection of the Bank's stability and reputation of being a well-established franchise with strong asset quality and consistent excellent financial performance.
The Bank has ten bank subsidiaries/sub-subsidiaries established outside of Nigeria -
1) Guaranty Trust Bank (Gambia) Limited ("GTB Gambia"),
2) Guaranty Trust Bank (Sierra Leone) Limited ("GTB Sierra Leone"),
3) Guaranty Trust Bank (Ghana) Limited ("GTB Ghana"),
4) Guaranty Trust Bank (Liberia) Limited ("GTB Liberia"),
5) Guaranty Trust Bank (United Kingdom) Limited ("GTB UK")
6) Guaranty Trust Bank (Cote D'Ivoire) ("GTB Cote D'Ivoire"),
7) Guaranty Trust Bank (Kenya) Limited ("GTB Kenya"),
8) Guaranty Trust Bank (Rwanda) Limited ("GTB Rwanda"),
9) Guaranty Trust Bank (Uganda) Limited ("GTB Uganda")
10) Guaranty Trust Bank (Tanzania) Limited ("GTB Tanzania").