Nigeria’s most valuable bank, GTBank posts a Profit After Tax of N201 billion

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GTBank, Nigerian most valuable bank via the Nigerian Stock Exchange released its 2020 Audited results for the period ended December 31st, 2020, and reported its profit after tax grew by 2.3% to N201.4 billion.

The Tier-1 bank’s bottom-line increase reflected  FX revaluation gains in the last quarter of 2020 and steady quarterly net interest income.

Guaranty Trust Bank proposed a final dividend of N2.70 per share, translating to a dividend yield of 9.1% based on the last close price.

READ: Analysis: GTB is minting profits but CBN is squeezing its cash

Major highlights of the impressive earning results include;

• The Bank’s Gross Earnings growing by 4.6% to N455 billion from N435 billion
• Net Assets grew by 18.5% from N687 Billion to N814 Billion.

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Asset quality improved slightly as the bank’s Stage 3 loan ratio moderated to 6.4% from 6.5% in FY’19, despite the 11.1% growth in loans amidst the COVID-19 induced uncertainty.

With a market value currently standing at N877 Billion, GTBank recorded impressive gains at the end of Thursday’s trading session, as the orange-coloured bank printed gains of about 6.43% to settle at N29.80 per share.