“We Have Started Off On A Fair Footing” Says CEO, Agbaje As GTBank Releases Unedited Financials For Q1 2021

Guaranty Trust Bank plc has released its unaudited Financial Results for the period ended March 31,2021 to the Nigerian and London Stock Exchanges.

A review of the result shows a resilient performance across all key financial metrics in the face of the unprecedented macroeconomic challenges, reflecting the quality of past decisions and reaffirming itsposition as one of the best managed financial institutions in Africa.

The Group reported Profit before tax of₦53.7billion, representing a drop of 7.8% over ₦58.2billion recorded in the corresponding period of March2020.

Deposit Liabilities increased by 3.0% from ₦3.611trillion in December 2020 to ₦3.717trillion inMarch 2021, whilst the Group’s Loan book (Net) dipped by 1.4% from ₦1.663trillion recorded as atDecember 2020 to ₦1.639trillion in March 2021.

Guaranty Trust Bank’s Balance sheet remained well structured and diversified with Total assets andShareholders’ Funds closing at ₦4.993trillion and ₦837.2billion respectively.

Full Impact CapitalAdequacy Ratio (CAR) remained very strong, closing at 26.1%, while Asset quality was sustained as NPLratio and Cost of Risk (COR) closed at 6.1% (Bank: 5.6%) and 0.11% (Bank: 0.02%) in March 2021 from6.0% (Bank: 5.9%) and 0.08% (Bank: 0.01%) in March 2020 respectively.

Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr. SegunAgbaje, said; “We have started off the 2021 financial year on a fair footing, and our first-quarter resultsdemonstrate our ability to continue delivering strong and sustainable returns, despite the macroeconomicuncertainties that persist in our business environment. This is a reflection of the resilience of ourfranchise, our prudent approach to risk management and the efficacy of our digital-first customer-centricbusiness strategy.”

He further stated that; “Looking forward, we are optimistic about the long-term value. that we will continue to create as an organization.

We strongly believe that our new growth strategy, together with the enduringloyalty of our customers, the hard work and dedication of our staff and the unwavering support wecontinue to enjoy from our shareholders, will enable us drive and deliver best-in-class financial solutionsfor people, businesses and communities across Africa and beyond.”

Guaranty Trust Bank plc continues to post one of the best metrics in the Nigerian Banking industry interms of all Financial Ratios i.e. Return on Equity (ROAE) of 26.0%, Return on Assets (ROAA) of 4.3%,Full Impact Capital Adequacy Ratio (CAR) of 26.1% and Cost to Income ratio of 42.6%.

Renowned for its forward-thinking approach to financial services and customer engagement, GTBank wasrecently ranked Africa’s Most Admired Finance Brand in the 10th-anniversary rankings of Brand Africa100: Africa’s Best Brands, the pre-eminent survey and ranking of the Top 100 admired brands in Africa.The Bank was also awarded the Best Bank in Nigeria by Euromoney Magazine for a record-extendingtenth time and the Euromoney Excellence in Leadership Africa Award for its swift reaction in respondingto the Covid-19 crisis and for addressing the impact of the pandemic on its customers and communities. Corporate Communication Group