GTBank Share Jumps as Profit Rises to N201.44 Billion
Segun Agbaje, GTB Chief Executive

GTBank Share Jumps as Profit Rises to N201.44 Billion

Guaranty Trust Bank Plc records N201.44 billion profit for the financial year 2020 as the Board of Directors declared N2.70 final dividend.

Reacting to the earnings released, the bank share price jumped more than 6.4% as total dividend for 2020 hits N3.00, represents a dividend per share growth of 7.1% year on year.

At today’s closing price, the declared dividend translates to a 10.1% yield, which analysts at Chapel Hill Denham tagged as juicy dividend yield.

The audited result released by the bank showed that profit before tax increased by 2.8 per cent to N238.1 billion compared with N231.7 billion posted in the comparative period of 2019.

Lender’s net earnings of interest yielding asset – net interest income- printed at N253.668 billion during the period under review against N291.66 billion in 2019.

The group’s loan book grew by 10.7 per cent to N1.66 trillion from N1.50 trillion achieved in the corresponding period of 2019.

Customers’ deposits increased by 38.6 per cent to N3.51 trillion from N2.53 trillion in December 2019.

Also, loan and advances to customers stood at N1.66 trillion in contrast with N1.50 trillion in 2019.

Total assets and shareholders’ funds closed at N4.95 trillion and N814.4 billion, respectively.

Commenting on the financial results, the Managing Director/Chief Executive Officer of the bank, 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.”

Agbaje said that amidst the many challenges, the bank remained ardent believers in Africa’s growth potential.

“Amidst the many challenges that persist, we remain ardent believers in Africa’s growth potential.

“Our world is increasingly digital, and we see it opening new and exciting opportunities for empowering people and uplifting our communities.

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“With our commitment to deepening customer relationships and intense focus on delivering innovative financial solutions, we enter 2021 well-positioned to lead this new world,” he said.

In a corporate action announced via the Nigerian Stock Exchange, the bank said If approved, Dividend will be payable on Friday, April 9, 2021, at the rate of N2.70Kobo per every 50 Kobo ordinary share.

The sum will be paid to shareholders whose names appear in the Register of Members at the close of business on Wednesday, March 31, 2021.

GTBank Share Jumps as Profit Rises to N201.44 Billion