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HomeBusinessGuaranty Trust 2021 half-year profit declines 15.2% to N93 bln, pays N0.30...

Guaranty Trust 2021 half-year profit declines 15.2% to N93 bln, pays N0.30 dividends

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Guaranty Trust Holding Company (GTCO) Plc, parent firm of the Guaranty Trust Bank (GTB) profit before tax declined 15.2 percent to N93.1 billion for the first six months of the year to June 30.

The Group Chief Executive Officer of the firm, Segun Agbaje, who disclosed this said the group’s PBT stood at N109.7 billion in the corresponding period of 2020.

Also, profits after taxation for the period under review dipped to N79.41 billion from N94.27 billion achieved in the same period of 2020.

The holding compnay’s Gross Earnings dropped to N207.91 billion for the year under review against N225.13 billion recorded in the comparative period of 2020.

Agbaje said total assets closed at N5.01 trillion, primarily driven by a 4 percent increase in deposit liabilities to N3.75 trillion on June 30 from N3.61 trillion recorded in Dec. 2020.

He said there was also a slight 1.8 percent dip in loans (net) from N1.66 trillion as at December 2020 to N1.63 trillion on June 30, 2021.

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Agbaje attributed the dip in profits to the present realities of the operating environment, though the Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 24.0 per cent.

The Board of Directors has proposed an interim dividend of 30k per ordinary share of 50k each.

“The results reflect our commitment to building on our track record of solid financial performance, and our capability to constantly innovate will ensure we stay ahead of the curve at all times.

“We are counting on the enduring support of our loyal customers and the hard work of our dedicated staff to continually make end-to-end financial services easily accessible to everyone and to create the best outcomes for all our customers and the communities in which we operate.

“Looking forward, we are focused on bringing to bear the full benefits of our new corporate structure by consolidating our leading position in all the economies where our franchise operates.

“We will also diversify our earnings from core banking, continue to empower businesses across Africa and beyond, and generate long-term returns for our shareholders,” he said.

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