GT Bank’s PERFORMANCE FOR THE PERIOD ENDED 30TH SEPT. 2020

 Guaranty Trust Bank Plc is a Nigerian tier-1 bank currently considering a holding company structure despite a strong standalone strength drives and intrinsic creditworthiness. GTBank, with business operation in Nigeria, Ghana, Cote D’Ivoire, Gambia, Sierra Leone,Liberia, and the United Kingdom was recently declared as the best digital bank by a leading rating agency.

Below is the snapshot of the firm’s unaudited financial statement for the period ended 30 September 2020.

SPOTLIGHT

·       As a result of COVID-19 pandemic, The Bank activated its Business Continuity Plans and one of the initiatives to prevent business disruptions while ensuring adequate customer service delivery was virtual working approach to reduce exposure through provision of virtual private network (VPN) access to staff from different remote locations without compromising security. This input, as evidenced by the award as the ‘Nigeria’s best digital bank in 2020 by Agusto & Co’ which perhaps led to increase in operating expenses by approximately 13%.

·       The prudent nature of The Bank was demonstrated by marginally reduces the build-up of Non-Performing Loan in the face of current economic challenges.

·       The share price of The Bank lost N1.20 (N37.00 – N35.80) on the bourse after the announcement of the result. The loss may be temporal because of its dividend paying history coupled with the new monies finding their way to the equity market as a result of dwindling interest yielding instruments.