Gtbank reports profit before tax of n231 7bn in 2019
According to the 2019 Annual Report of Guaranty Trust Bank (GTBank), the bank reported a Profit Before Tax (PBT) of N231.7 billion for the year ended December 31, 2019.
This represents a significant increase from the PBT of N193.8 billion reported in 2018, indicating a growth of 19.5% year-on-year.
The bank's impressive performance was driven by a combination of factors, including:
- Strong revenue growth: GTBank's gross earnings increased by 14.5% to N744.5 billion in 2019, driven by growth in interest income, non-interest income, and fees.
- Improved operational efficiency: The bank's cost-to-income ratio improved to 58.3% in 2019, compared to 61.1% in 2018, indicating better cost management and efficiency.
- Strong asset quality: GTBank's non-performing loan (NPL) ratio remained low at 4.4% in 2019, indicating a strong asset quality and minimal credit risk.
- Robust capital adequacy: The bank's capital adequacy ratio (CAR) stood at 23.4% in 2019, well above the regulatory minimum of 15%, indicating a strong capital base and ability to absorb potential losses.
Overall, GTBank's 2019 financial performance demonstrates the bank's resilience, efficiency, and ability to deliver value to its stakeholders.