Guarantee Trust Bank recorded strong showings in the financial result of the first quarter ended March 31, 2020, with N112.865bn.
The unaudited financial result, made public on Wednesday, showed the bank posted an increase of 2.3 per cent above the N110.328bn it recorded in the corresponding Q1 of 2019.
The Nigerian bank’s records showed the net interest income rose from N57.566bn to N63.058bn in 2020, while net fee and commission income dropped from N18.01bn to N13.554bn.
Profit After Tax increased from N49.303bn to N50.069bn in 2020 while Profit Before Tax rose from N57bn to N58.2bn. Customers’ deposits showed an increase of 9.3 per cent from N2.533tr to N2.768tr in the same period, while the loan book of the bank grew by eight percent from N1.502tr in December 2019 to N1.622tr in March 2020.
According to the Managing Director/Chief Executive Officer, SegunAgbaje, the bank remains positive amid the coronavirus pandemic that has affected the financial services sector and the economy.
His words, “These are very difficult 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 results.”
He noted that the bank was working tirelessly to keep both employees and customers safe while supporting the government’s efforts at combatting the pandemic.
