Guarantee Trust Bank or GTBank for short, one of Nigeria’s tier 1 banks has released it Q4 2019 (full year) result to the public. The result revealed a superlative 2019 performance as expected from the most profitable Nigerian Bank in 2018 financial year by market watchers.
The bank grew its 2019 profit by 7 percent with impressive 18 percent growth in Net Fee and Commission Income, 4 percent growth in Net Interest Income and a 10 percent growth in Other Income.
On the cost side of the Financial statement, GTBank maintained a nil growth in Loan Impairment Charges, a 2 percent reduction in Other Operating Exepenses and an almost flat growth in Staff Cost.
Here are the highlight of the GTBank Q4 2019 result
- Gross Earning was flat at N435 bn in Q4 2019
- Net Interest Income up by 4% from N222.43bn to N231.36bn in Q4 2019
- Net Fee and Commission Income was up by 18% from N50.47bn to N59.44bn in Q4 2019
- Other Income was up by 10% from N50.78bn to N55.79bn in Q4 2019
- Loan Impairment Charges was flat at N4.91bn in Q4 2019
- Staff Cost was up by 1% from N36.86bn to N37.28bn in Q4 2019
- Other Operating Expenses was down by 2% from N70.56bn to N68.88bn in Q4 2019
- Profit Before Tax was up by 7% from N215.59bn in Q4 2018 to N231.71bn
- Profit After Tax was also up by 7% from N184.71bn in Q4 2018 to N196.85bn
- Earning per Share also grew by 6% from 654kobo to 696kobo in 2019 FY
The Balance Sheet of GTBank Q4 2019 also grew significantly with double digits in 2019 financial year.
Total Asset grew by 14% to N3.76 trillion, while Loan and Advances to Customer also grew by 19% from N1.26 trillion in Q4 2018 to N1.50 trillion in Q4 2019.
Deposit from Customers was also up by 11% to N2.53 trillion in Q4 2019 from N2.27 trillion in Q4 2018 while Owners Equity also grew by 19% from N576.28billion to N687.34 billion in Q4 2019.
The Directors of the bank further recommends the payment of a final dividend of N2.50k per share bringing the total dividend for the financial year ended December 31, 2019 to N2.80k.