GTBank profit rises to N239.09bn, customer deposits up 39%

Guaranty Trust Bank Plc has reported a profit before tax of N239.09 billion for the 2020 financial year, up from N231.71 billion in 2019.

GTBank’s profit after tax rose to N201.44 billion in 2020 from N198.85 billion in the previous year, its audited financial statements showed on Thursday.

Its gross earnings increased by 4.58 percent year-on-year to N455.23 billion from N435.31 billion.

Deposits from customers jumped to 38.74 percent to N3.51 trillion in 2020 from N2.53 trillion a year ago, while loans and advances to customers rose to N1.66 trillion from N1.50 trillion.

GTBank said during the 2020 financial year, its directors declared and paid an interim dividend of 30 kobo per ordinary share on the issued capital of 29,431,179,224 ordinary shares of 50 kobo each, for the half-year period ended June 30, 2020.

“The directors recommend the payment of a final dividend of N2.70k per ordinary share of 50 kobo (bringing the total dividend for the financial year ended December 31, 2020 to N3.00k (2019: N2.80K per share). Withholding tax would be deducted at the point of payment,” it added.